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$414M Budget for 2020 announced; No new tax measures!

- $327.7M will be allotted to recurrent expenditure; $362.9 million in revenues anticipated in 2020
Delivering the Budget Address during the Second Sitting of the Second Session of the Fourth House of Assembly on November 19, 2019, Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) also listed a number of plans for his government, many of which are aimed at bringing in revenue to the territory and stimulating economic growth. Photo: YouTube
The Government of the Virgin Islands is anticipating revenues of $362.9 million in 2020, with about $201.4 million from financial services. Photo: VINO/File
The Government of the Virgin Islands is anticipating revenues of $362.9 million in 2020, with about $201.4 million from financial services. Photo: VINO/File
ROAD TOWN, Tortola, VI- The Virgin Islands Party (VIP) Government that swept to power at the February 25, 2019 general elections has announced a 2020 Budget of $414,008,611 under the theme ‘Transformation for resilience and sustainability: SMART strategies, Empowered People, and Green Development’.

Delivering the Budget Address during the Second Sitting of the Second Session of the Fourth House of Assembly (HoA) on November 19, 2019, Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) also listed a number of plans for his government, many of which are aimed at bringing in revenue to the territory and stimulating economic growth.

Of the total $414M budget this year $327,766,149 will be allotted to recurrent expenditure; $65,479,200 on capital expenditures; $6,217,762 in fund contributions; and $14,545,500 towards principal repayments on debts.

According to Premier Fahie, it is estimated that development expenditure in 2020 will be $65,479,200. This amount comprises $7,987,200 in capital acquisitions and $57,492,000 in infrastructure development across the Territory.

Government is anticipating revenues of $362.9 million in 2020, with about $201.4 million from financial services. “I am urging Statutory Boards and State-owned Enterprises to increase their efficiency and effectiveness so that they become more commercially viable,” Hon Fahie implored.

No new taxes

According to the Premier, as the Territory continues to move forward with its recovery, its Government will not stifle the people with any new tax measures. “We strongly believe that we will be able to meet our targets for revenue, expenditure and debt without putting undue burden on the people of this Territory.”

As expected, the bulk of expenditure will continue to be on education and health, “two of the most important areas in guaranteeing the empowerment, strengthening, and development of our people,” Premier Fahie stated.

The percentage distribution of each Ministry’s recurrent budget allocation and our statutory obligations would be as follows:

•             Constitutionally Established Departments, 2.5 percent;

•             Governor's Group, 11.3 percent;

•             Premier's Office, 8.1 percent;

•             Ministry of Finance, 12.1 percent;

•             Ministry of Natural Resources, Labour and Immigration, 2.7 percent;

•             Ministry of Education, Culture, Youth Affairs, Fisheries and Agriculture, 15.2 percent;

•             Ministry of Health and Social Development, 19.6 percent;

•             Ministry of Transportation, Works and Utilities, 13.8 percent;

•             Pensions, Public Debt & Funds Contributions, 14.7 percent.

The 2019 Budget was passed at the Second Sitting of the First Session of the Fourth House of Assembly on April 26, 2019 to the tune of $427.657.383.

This was only two months after the Virgin Islands Party (VIP) took office.

18 Responses to “$414M Budget for 2020 announced; No new tax measures!”

  • tola (19/11/2019, 14:39) Like (20) Dislike (8) Reply
    Tortola does have biggest budget and still behind and rest countries infront hmmmm
    • SisterIslands (19/11/2019, 20:01) Like (4) Dislike (2) Reply
      You maybe on to something...Tortola does have a big budget I can't wait to see the budgets for Anegada, Jost van Dyke and Virgin Gorda!!!
  • Sue (19/11/2019, 14:48) Like (16) Dislike (1) Reply
    Christmas coming increments please thank you
    • Peaches (20/11/2019, 08:36) Like (2) Dislike (0) Reply
      My dear, if we were getting he would have said something yesterday.
  • Chalky (19/11/2019, 15:28) Like (7) Dislike (0) Reply
    Tell us why the folks from all those Infront countries are practically swimming the channel to get here and eek out a living for themselves and their relatives left behind.
  • NHI (19/11/2019, 16:55) Like (3) Dislike (0) Reply
    will break the bank - $80M per year and rising! anyone worried about that FAHIE?
  • GG (19/11/2019, 17:37) Like (6) Dislike (1) Reply
    Das why all the island people like to come here
  • ????? (19/11/2019, 19:16) Like (0) Dislike (5) Reply
    Fool we came here to help build the bvi look at the budget hah 414+ m and you still don't know your self respect us are don't say anything our family is ok .
    • realy (20/11/2019, 00:18) Like (5) Dislike (0) Reply
      You come to build yourself. Something you can't do in your own country.
  • Query (19/11/2019, 19:48) Like (5) Dislike (0) Reply
    The recurrent expenditure of $327 million plus is very concerning. What plans does the government have in place to control that figure moving forward and reducing it? This figure must be kept in check. I would like to hear more about it.
  • Concern BVI (19/11/2019, 20:06) Like (1) Dislike (0) Reply
    No new tax measure for 2020 but taxes for Inland Revenue has increase.
  • Sam (19/11/2019, 20:20) Like (4) Dislike (1) Reply
    We are Caribbean people one love .
  • ta ta (19/11/2019, 21:16) Like (3) Dislike (4) Reply
    This is a good budget and good speech
  • money talk (20/11/2019, 08:44) Like (0) Dislike (5) Reply
    We island people come here to build up ourselves with the $us . What’s your problem does it belong to you. If it was the $bvi you could defend it. Trust me most of us have our own houses and other things, are you jealous because most of you can’t even buy a piece of land in your country. Stop disrespect us or else we will do the same to you. We paying tax nhi and social security. If it wasn’t for else you people would be having a lot of handicap children because you would be making love to your family so thank for down island people being in up continental bvi.
    • @money talk (20/11/2019, 13:10) Like (4) Dislike (0) Reply
      But but most of your children are indeed handicapped. The are the keepers of the highest crime in the world along with single parent and chiid pregnancies and illiteracy and prositution in all age groups and gender They are also not the most welcomed immigrants in other countries. Try practicing reality and sterilization .
    • Quality (20/11/2019, 13:26) Like (3) Dislike (0) Reply
      There is a concept that cannot be understood by folks such as yourself. The concept of quality. You can, anyone can afford land purchase in your country because quality is nonexistent...Quality of life ..no one wants to live there or invest and create jobs there. Mainly because the quality of the humanity and mentality that is essential to a worthwhile life.is lacking. Human life there has no value . Always remember that you are a representative of there and try practicing humility. We know who you are and from whence you came.


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