PALAU FIRST QUARTER REVENUES TOTAL $9.9 MILLION

Tax revenues totaled $8 million

KOROR Palau (Palau Horizon, Feb. 22, 2008) — Total local revenue collections in Palau in the first quarter of fiscal year 2008 was $9,928,572 according to the quarterly report submitted by the Ministry of Finance (MOF) last week to the Olbiil Era Kelulau (OEK).

This is 25 percent of the total appropriation of $39,925,551 or a balance to collect of $30,276,325.

Collections from utilities for the first three months of the current fiscal year showed a total of $149,384 or 16 percent of the projected $945,000 or a balance of $795,616.

Total revenues from taxes amounted to $8,076,681 or 24 percent of the appropriated amount of $34,068,551 with a balance of $25,991,870.

Taxes included fish export ($237,265), general import ($1,946,241), fuel excise ($264,968), road use ($114,596), salary and wages ($1,806,689), business gross revenue ($2,609,124), hotel occupancy tax ($449,799), traveler’s head tax ($475,222), delinquent taxes, penalties and interest ($145,957) and all other taxes ($26,820).

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