16 Mar 2006

America Samoa government highlights shortfall in revenue

11:36 am on 16 March 2006

America Samoa's Treasury says the actual revenues collected by the government have fallen far short of projections in the fiscal year 2006 budget.

Treasurer Velega Savali told a hearing of the House Budget and Appropriations Committee that collections are way behind budget forecasts.

He says that collections from customs and the dock had dropped however the Tax Office had increased its revenues and Treasury was aggressively pursuing lease payments from companies in the Industrial Park.

He did not say if this would result in a deficit for fiscal year 2006.

But he says the territory may be affected by a hurricane resulting in new revenues and ASG also has its hopes set on a windfall from cover over taxes for military personnel and federal employees.