According to the Central Bank of Aruba, the Government of Aruba’s total income fell by 34.4 million florins in August of 2020, a decline of 35.8% compared with August 2019. This was primarily due to a 39% drop in income tax and profits, a decline of 12.3 million florins compared with August 2019. There was also a 32.8% drop in the tax on commodities, mostly import duties, (down by 33% or 5 million florins) and a 37.2% drop in turnover tax (BBO/BAZV) (down by 7 million florins).
Total Income: August 2020.
Total Income January - August 2020
Through the first eight months of 2020 the Government’s total income has fallen by 30.7%, that is by 289 million florins, from 940.3 million florins in 2019 to 651.2 million florins in the same eight months of this year.
Please note these numbers are preliminary and subject to change.
Total Income by Month 2020
The Government’s total annual income in 2019 was 1,402,400,000 florins.
If the trend continues through the balance of 2020 the Government could see a decline of between 300 – 400 million florins in total income compared with 2019.
As reported by the Central Bank of Aruba in its August 2020 Monthly Tables report
Jim Hepple is an Assistant Professor at the University of Aruba and is Managing Director of Tourism Analytics.