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by pltm
(PLTM) - Finance experts are estimating that new revenue streams like gaming will help the Government realize budgetary plans.
During the Standing Finance Committee (SFC) deliberations Policy Analyst Dr. Dawn Alexander-Joseph, Ministry of Finance advised that approximately $5.7M was estimated for gaming in 2022.
Gaming and gambling were made legal in the Territory under the Gaming and Betting Control Act 2020 which commenced on July 9, 2021 and was further amended in October 2021.
Acting Financial Secretary, Jerimiah Frett laid out the revenue projection process for the SFC. He noted that of the key areas of revenue in which they hope to collect in 2022, the majority will continue to come from the Financial Services industry given the industry continue to perform above the estimate provided. He stated that the Ministry often took a conservative approach to determine the revenue projection figures.
The Acting FS advised that they also looked at existing and other revenue initiatives that would be taken into consideration and anticipate there would be progress and an increase in revenue in the cruise and yachting industries and tourism in general.
He said they were optimistic that there would be some increases in revenue in certain categories.
Frett indicated that there were some new areas of revenue streams that they anticipated would come on board as well, such as the medicinal marijuana and gaming once these pieces of legislation had been approved and assented to allow them to realise the benefits of the initiatives.
The Acting FS noted that the revenue forecast was linked to the global economy and any external shocks would have an impact on the territory’s revenue.
He hoped that notwithstanding the risks that may occur that they will achieve the goals. Frett said the overall budget was $397M, and while new revenue was estimated at $356.6 Million, other contributions will come from various funds.
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