THE BUDGET PASSES

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The annual budget of the Commonwealth of The Bahams for the fiscal year 2022/23 was passed by the House of Assembly on Thursday 9 June 2022. The appropriations and tax bills now go on to the Senate which begins to deal with the matter on Monday 20 June 2022. The prime minister said that  total revenue is projected at some 2.8 billion, a 19.9 per cent increase over the prior fiscal year.The House of Assembly gave parliamentary approval to borrow a total of $690,702,027. Expenditure is at 2.2 billion.