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GOVT. TREASURY COLLECTS K18.5BN IN Q1

GOVERNMENT has collected an estimated K18.5 billion in revenue during the first quarter of this year.

Secretary to the Treasury Fredson Yamba has announced the development adding that the collection represents a 13 percent above target.

Mr Yamba was speaking during a media briefing in Lusaka yesterday.

The first quarter approved budget target for total revenues and grants was projected at K16.3 billion with K12.4 billion from taxes, K3.3 billion from non-tax revenues and K469.6 million from grants.

The over-performance was mainly driven by payment of Pay As You Earn (PAYE) tax arrears, upward amendments of provisional returns and advance payments by both Mining and Non-Mining firms.

With regard to government spending, total expenditures in the first quarter of 2021 stood at K22 billion representing 23 percent below the projected K28.6 billion.

Notable expenditures included K6.6 billion for Personal Emoluments, K3.2 billion for the Use of Goods and Services, K2.5 billion on Non-financial assets and K2.5 billion on transfers and subsidies.

“The 2020 and 2021 fiscal years required the government to take measures to cushion the impact of COVID-19. While this was imperative, there is a need to formulate a medium -term policy that will put the country back on a trajectory that will achieve fiscal consolidation,“ Mr Yamba said.

Meanwhile, the Finance Ministry has launched the 2022 budget consultations and  invited the public , private sector players and non- state actors to make proposals on tax and non- tax policies for possible inclusion in the 2022 National Budget.

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