Govt collects K20.5bn in revenues

Felix Mutati – Finance Minister

Government collected a total of K20.5 billion in revenues and grants during the period January to June 2017, while expenditure, excluding amortization amounted to K26.1 billion.

The total domestic revenue collections during the period under review were below target by 4.6 percent at K20.2 billion against the projection of K21.1 billion.

Finance Minister Felix Mutati says the tax revenue category was below target by 1.9 percent owing to lower collections in income tax and customs and excise duties.

Mr Mutati disclosed this in Lusaka when he launched the Economic Stabilization and Growth Programme and the Medium Term Expenditure Framework (MTEF) 2018 – 2020 documents.

He says there was a notable improvement in performance of VAT with collections of 22.4 percent or K1 billion above target.

He says in terms of public spending, total expenditures excluding amortization amounted to K26.4 billion against a target of K29.9 billion.

Meanwhile, the Finance Minister has maintained that the ZRA tax amnesty will help the nation a lot in terms of revenue collection for this year.

Speaking at the same event, Secretary to the Treasury Fredson Yamba said preparations for the 2018 National Budget have reached an advanced stage.

Mr. Yamba is confident that the ministry will conclude the preparations before it is presented to Parliament on September 29th.