The statistics unit of Treasury’s Economic Affairs Division is now over half way through its data collection exercise on household income and expenditure.  And later this month it will commence a similar exercise on the company sector. 

Both exercises are related to the Island’s need to obtain new data in order to help determine future VAT revenues under arrangements deriving from the Customs and Excise Agreement.

The target on the household survey is for the participation of around 1,000 households.   With the business community the aim is to engage the leading players in each industry plus a sample of the rest, perhaps a total approaching 200 companies.

Explains Government Economic Adviser Stephen Carse, “We need companies to provide us with a breakdown of their figures relating to revenues and costs.  This is so even if a company neither incurs or charges VAT, since we need to build up a quantitative picture across the whole economy”.   

The data to be requested will relate to any 12 month period ending in this calendar year.  The exercise will not need to be repeated annually.

“With colleagues in the Department of Economic Development, the statistics team has determined a list of all the companies we will definitely be needing to ask for participation from, and they will all be contacted during July, though returns can be made anytime throughout the year”, explained Mr Carse.
 
“The survey is something we have spoken to the business community about at several forums over the last six months or so and from the responses received I am certain we will get the co-operation required”, he stated.