Despite the “exogenous shocks” affecting the global market Dominica’s Citizenship By Investment (CBI) programme has “withstood all adversities” and will once again be the main revenue generator for this year’s $1.2 billion budget.
While delivering the 2022/2023 national budget at the First Meeting of the Third Session of the Tenth Parliament on Tuesday, 26th July 2022, Prime Minister and Minister for Finance and Investment Roosevelt Skerrit stated that during this fiscal year, non-tax revenue is estimated at $513.8 million or 57.3 per cent of the total recurrent revenue, which is predominantly receipts from the CBI Programme.
“Mr. Speaker, had this Administration not restructured the CBI, our citizens would have had to shoulder a much heavier tax burden and many of the development programmes which have taken this country forward so rapidly, could not have otherwise been put in place,” he said.
Skerrit further reported that while a percentage of CBI revenue will be earmarked for debt repayment, his government intends to strengthen tax administration, including taxpayer education, collection of arrears and auditing of tax returns to ensure accurate reporting as a means of increasing revenue collection.
The head of government said that total revenue for this financial year is estimated at $1.13 billion and consists of recurrent revenue of $896.2 million, local capital revenue totalling $5.1 million, receipts from loans in the amount of $77.1 million and grant resources in the sum of $155.17 million.
During this fiscal year, a considerable increase in total expenditure reflecting the implementation of a transformative capital programme, is also expected.
Of the estimated $1.2 billion total expenditure, $650 million is earmarked for recurrent expenditure inclusive of debt amortization and interest while $566.4 million will be allocated to capital expenses.
“Total tax revenue is forecast at $382.5 million or 43 percent of total revenue with value added tax contributing $161.9 million,” Skerrit said. “The sums of $87.2 million and $66.4 million are expected to come from taxes on international trade and transactions and taxes on other domestic goods and services respectively. Personal Income Tax and Corporate Tax will collectively contribute 6.5% to the total recurrent revenue, while taxes on property amounts to $8.9 million,” the Prime Minister added.
Total recurrent expenditure for the Fiscal Year 2022/2023 inclusive of expenditure provided by law is also estimated at $650 million, which the Finance minister says is equivalent to the amount approved for the previous Fiscal Year 2020/2021 “bearing in mind the need for fiscal consolidation.”
Skerrit went on to disclose that the largest allocation of the recurrent estimate is under the Ministry of Finance in the amount of $258.1 million.
Of this amount, $96.1 million is allocated to debt service payments, and $42.7 million is appropriated for retirement benefits, which include payment of gratuities, pensions, compassionate allowances, contractual gratuities and non-contributory Pensions.
The Ministry of Education, Human Resource Planning, Vocational Training and National Excellence will receive the second highest allocation of $78.8 million to invest in Dominica’s human capital, while the Ministry of Public Works and the Digital Economy has the third largest allocation in the sum of $65.0 million.
Another large chunk of the budget -$61.1 million, or 9.4 per cent- has also been allocated to the Ministry of National Security and Home Affairs which Skerrit announced will, in part, finance the transition to e-passports.
Another 9.1 per cent of the total recurrent budgetary allocation or $59.3 million will also go towards the Ministry of Health, Wellness and New Health Investment.
Government has also allocated $250.8 million for goods and services which accounts for 39 per cent of total current expenditure and the sum of $160.7 million or 25% is estimated to meet the cost of personal emoluments.
An additional $135.4 million is estimated for retirement benefits and transfers and subsidies, which comprise public assistance, grants and contributions to local, regional and international institutions.
To service, its debt obligations “in a timely manner”, $37.3 million has been allocated to interest payments while $59.2 million is estimated for debt amortization and contribution to the sinking fund.
A designer suit for sure doesn’t make a man and equally a hat doesn’t make a lady.
Thanks, DNO for this reporting of the budget speech. It is very impressive and progressive. It meets the established standard of budget presentation to report on last year’s public sector performance and next year’s expectations.
But there should be more moves to partnership with the private sector for our development.
In his closing remarks he said, “When we join hearts, hands, minds and effort (voices is implied) with Almighty God, nothing can defeat us”(stop us). This resonates with the spiritual inspirational mentality, “With God all things are possible”.
Sometimes the voice of Jesus saying give to God the things that are God’s and to Ceasar the things that are Ceasar’s is interpreted to mean the separation of Church and State. But it also means that our leaders must promote both our economic and our spiritual values, and by extension our spiritual development and our economic development.
You must be one of these MOON FACES.
@ Robertson……….. Thanks. The moon is one of God’s beautiful creations without it there would be no world, no people.
But what are you? Do you know who or what you are? When you find out please post it on DNO.
By the way, I know who I am, and I am nothing like you.
Do you even know your name? I do not think it’s “ROBERTSON.”
YOU are one of those nasty CM supporters. That means you are without character and values. But on the other hand you are a lover of corruption. One thing you got spot on right, you are nothing like me. Dwell on that for a while but don’t bother to come back. I do NOT engage in lengthy discussions with the likes of you.
” (CBI) programme has “withstood all adversities” and will once again be the main revenue generator for this year’s $1.2 billion budget.”
Where is Roosevelt Shame?
I think he’s at the apex of Dominica longer than any of his predecessors: in the years of his reign, all he accomplished is the destruction of the nation’s agricultural industry; the chasing out of the country every foreign industry operating in the country long before Roosevelt was born either in a small village in the North of Dominica, or one of the French islands; either Guadeloupe, or Martinique: who knows!
Hahahahahahahahahah!
Roosevelt has not brought a single industry into the country; beside the industrial, sale of Dominica passport which caused both Dominicans and foreigners to become billionaires. Dominica is totally dependent on the sale of passports for the survival of the nation!
There are more foreigners with passports posing as Dominicans than those of us born Dominican, thanks to crooked…
Just ridiculous 513.8 million !!?!
That’s more then 5000 new citizens a year at a 100 000 dollar per passport
Sebo, the fees are in USD, so less than 5000 passports will be sold to get $513. million
https://nomadcapitalist.com/: Citizen by investment is a process whereby wealthy individuals can obtain second citizenship in a matter of months in exchange for an investment or a donation made to the country in question.
Doctorate was never handed to Rastar “Just Because” but the key words in that definition is ” For an Investment”,,,
Now just like any Capitalistic driven individual whom are focused and driven by greed and Profit, the main focus on any investment is to maximize a True Return on Investment (ROI) highest Profits,,,
With that said:
1) Did Skerrit blatantly acknowledge he is facilitating a Conspiracy/ Criminal
Organization by Selling an Investment Scheme to Wealthy individuals for
investment/ profit???
2) Are all the real estate Developments going on in Dominica an Investment Scheme
those CBI investors are capitalizing on???
3) What proposed ROI has the Ministry of Finance offered to those CBI Investors???
4) What happens…
This woman is showing off to all her puppets what glamour they are paying for on a monthly basis. Where in the world do any first lady showcase her wardrobe like this? Madame Skerrit it is not that you are so concerned about parliament and Dominica, it is clear that you are only showing your puppets what their labor is paying for. You are showing off bras, skirts, hat etc. etc. Something is missing. Show it off also. I hope you are aware that all these vanities are temporary. Just remember that Ma Cheechee.
@ a nou parle sort (or An nous parlay sort) there are 19 people plus yourself demonstrating complete disrespect and verbal abuse of a lady. I thought that with recent of objection to women assault and abuse in Dominica and all over we would not see that kind of rudeness. Is this kind of regressive behavior good examples for our youth?
When is it going to stop?
Are you aware of the disrespect shown to Dominica’s constitution and its people? Are you one in support of our $64,000 hard earned $s going into this glamour? Well until it’s over I and the 22 others will not be respectful. If you are one of those aid and abettors think again. Criminals
Wilson, the person you are referring to is not a Lady but rather somebody commonly referred to as a Gold Digger. Could YOU perhaps be that mysterious Lady/Gold Digger writing under a false name? I mean it known that they used aliases to comment on here. I mean Gwa Gel used to comment on here frequently.
Marty, I don’t think it’s her. She isn’t that well endowed between the ears to write like Wilson. But she makes up for it in other areas.
“Here we go again, same ole s–t again” CBI CBI when will that “baboon” of a minister of Finance and PM wake up and smell the coffee; to continue to make the CBI program the backbone of our economy is taking Dominica down a slippery slope of Economic disaster which will be devastating to our future generation as we grapple with your mismanagement of the entire program; if you and your bunch of DLP “greedy hyenas” had any love for this country you guys would make sure that the wealth accumulated was spent to develop Dominica for the benefit of all it’s citizens.
Where is the airport allocations? The biggest economic undertaking in the history of the nation is not accounted for in the national budget? It is outide the scope of the national budget and Government financial management? Is it in a bank account that is none of our damn business? Pli tar pli twist! Later will be greater! Si e bon nou kay vwey!
Very good questions and very important. All you will get is a smirk and ‘none of all you business’. My question: if not our business, who’s then? Smirk, smirk… question time finished! By the way, this was a small part of Skerrits budget discussion with the Opposition.
AND THAT!!!! ladies and gentlemen is the biggest let down on our economy. The private sector who is supposed to be the backbone of the economy is absolutely struggling. CBI alone, but yet the people of Dominica (apart from the friends of you know who) cannot reap the full benefits of CBI. We cannot we advise this guy on how we want it spent. Communities have NO adequate play grounds, lack of adequate rest rooms for the public, athletes still dont have adequate training facilities and equipment, our roads are still pretty much a mess. since is Sukie you like to quote Skerrit, let me give you one you can adopt, “I mean come on!!”
ADMIN – What is the amount allocated to agriculture? After all, it was just a few weeks ago that the PM told us agriculture was the most important thing to us.
ADMIN: The Prime Minister has stated that a total of 55 million will be allocated for agriculture in this budget ($8.2 million under recurrent expenditure and $46.8 under Capital). You can read the budget presentation here: https://dominicanewsonline.com/news/homepage/dominica-budget-for-2022-2023/
CBI is the main revenue generator.Not the only revenue generator.Just like China is the USA #1 trading partner,not the only trading partner.Your jacka,typical UWP can read but cannot understand.I did not see Lenny and his wife in picture,IBO is going to take DNO to the cleaners.
And we should be proud of that. It’s tantamount to boasting I built this million dollar house you see over there on the sand. Very sad what Dominica has come to and ever worst are the things we now accept as good. What a shame
Well we already know that sale of passports is same as selling crack and ganja. They are both illegal and is done in the dark…no one can trace them. So if Skerrit says sale of our passports in the main stay of our economy and we already know the importation and exportation of illegal drugs contribute significantly to our economy as well as taking a lot of our young lives, then I conclude that Dominica’s economy today is an illegal economy
Her ageless, timeless, grace and fineness, her beauty and elegance. She is every love song ever written and she’s seen something good in Skerrit. Her essay, her glamour, please pardon my grammar, but she’s everything school boys dream. She’s Celtic United and Skerrit has decided she is the best thing he’s has ever seen. So, he bites his lips and turns around for she is the warmest thing he’s ever found.
Surprise? Not!
The current Roosevelt-led regime depends exclusively on taxes & fees, and the sales of passports for its income. Does this augur well for the future of Dominica? Absolutely not! This is unsustainable. In fact, this portends disastrous economic troubles for the country.
Dominica has been badly mismanaged for the last twenty two years. We should not be surprised as a man who has no formal education about financial matters has put himself in charge of all financial affairs of the State.
The 2021 – 2022 budget, like all the previous ones presented by this financial ignoramus, is to mislead the simpletons, and give the devotees of this regime false hope of a brighter day.
All these budget presentations are only for vote catching. The lot of the poor man only gets worse. This makes these budget sessions exercises in futility.
Can you imagine that I went through the entire budget report and there was no sound Statistical Analysis/data from CSO – Dominica, Statistics & Research – ECCB, Economic Affairs Secretariat – OECS, Statistics – CARICOM Secretariat, etc, etc, to help ascertained that Dominica is doing extremely well economically and socially. Not a single word was mentioned about INFLATION which a global headlines at this time. At least the inflation rate for Dominica should have been mentioned in this Budget report and how it would be tackled in the new fiscal year.
Does Dominica has a Ministry of Economic Planning and Development? If Yes, is it equipped with local experts in Economic Development and Strategic Planning, in the likes of Thompson, Kent, Lucilla, Miriam, Lander, Alo’s, so many more who have worked at the ECCB, CARICOM, CDB, OECS, UNDP, IMF & World Bank. We have a pool of theses experts right here in Dominica plus those does in the Diaspora. Its high time we used their expertise .
It is clear that the Prime Minister believes (falsely), that he is the smartest man in the room. This style of leadership is doomed – will not be successful in a democracy.
A “Leader” understands that his role is to encourage and consider the viewpoints of others and that he is not ALWAYS right – that does not make him less of a leader; in fact, it solidifies his position.
The PM “runs things” and I’m tempted to believe that he has no place for differing points of view. It is clear that as the Prime Minister, he speaks for every ministry – Health, Education, Housing – he is in the forefront, not the Minister with that responsibility. But on the other hand, can the Ministers think independently, can they represent, can they speak intelligently??
There are soooo many talented, educated experts in the diaspora, capable of making meaningful/significant contributions to our country’s development but are shunned, are shut out by our government. We must ask ourselves why!!
Democracy? Dominica is not a Democratic Nation anymore. Dominica is on par with Putin’s Russia. It’s an autocratic state with a mad man at the helm. The good ship Russia will sink soon because the mad man at the helm deliberately crashed it on a cliff. The ship Dominica is not far away from that same cliff. Skerrit can’t afford to loose an election because that to him would be an act of suicide. There are too many skeletons in his wardrobe and they will only stay there locked away as long as he has legal immunity either as PM or President!!!!!!!
So what plans are there to generate revenue when the passport sale progrtam comes to an end?
That is indeed a sad state of affairs!!
I may be wrong, but I know of no country whose economy is so dependent on such an unpredictable and fragile sector….thought it was not prudent to put all one’s eggs in a basket. Given all the negative attention surrounding this CBI initiative, why would we go down that road??
Most countries have an economic sector that they develop whether it is tourism, manufacturing, etc.
We have decimated the agricultural sector, our tourism sector needs way more attention than it’s being given presently, manufacturing is all but gone….what exactly do we have?
We boast that we are the Nature Island of the Caribbean but little is being done to attract visitors to our Nature Isle.
Yes we have direct flights to Dominica…and then what?????
This is really a sad state of affairs!!
We will be selling zandolis and frogs and lizards to generate revenue. Sounds good enough?
ds, how you doh know that a fellow in Dominica, Portsmouth as a matter of fact became rich; by selling crab Zandolies, which I believe is the same as a lizard, and made so much money in the millions, which caused him to build some Villas in Portsmouth you know!
Where have you been boy how come you don’t know that is big money in Dominica; especially where it pertains to financing dem Villas in Portsmouth.
Have you forgotten?
Didn’t I just say that, that this is how we will be making money soon? Selling zandolis and frogs up in Wesley. You and your anecdotes and your fairy tales are full of it. That is why we are building the International Airport in Wesley in order to uplift the minds of Wesley people.
ds, you will never see an International Airport built in Wesley!
Trust me the land is taken away from Wesley people, and reserved for Chines; who were recently in the village selecting choice land; while Roosevelt moved the owners of the prime land in the flight path where the UWP was building the International Airport more than thirty years ago, when Roosevelt Skerrit help Roosevelt Rosie Douglas to shut it down!
They are scraping the ground, piling the grass and other rubbish in mounds, nevertheless, none of the fruit trees, coconuts, and avocado are touched!
What does that indicate?
If you are prparing a runway, all trees must be removed, you don’t leave Mango, coconut, and avocardo in the middle of a runway.
Food for thoughts ds!
Roosevelt has made fools out of Dominicans; the Chines now rules over Dominica.
The largest Chines embassy in the world is located in Dominica.
Why?
Asks yourself why ds?
Soon, very soon You will have no say in your own land…if you keep selling your passports…it will be sooner than soon!
Botowa, It’s like you telling the US to stop issuing Natralization Certificate to Aliens.
How could anyone agree with such an unintelligent comment. Are you really a Skerritt supporter or just a rabble rouser? You cannot stay in Russia, China, or India and get neutralization certificates, and don’t have to pay $10k.