K11.1 billion released to finance developmental programs

Government last month released K11.1 billion to finance developmental programs and public service operation.

In statement obtained by Q-News, Secretary to the Treasury, Felix Nkulukusa says of this amount, K3 billion financed the public service wage bill for February,2022,while K3.2 billion was used to service domestic and external debt, mainly for multilaterals.

Mr Nkulukusa says K1.7 billion was released for transfers and subsidies, and the balance of K3.2 billion went towards the financing of various government projects,programmes,and general operations.

He adds that the treasury also released funds to support operations of various public institutions including public universities and schools countrywide which received grants totaling K105.9 million.

Mr  Nkulukusa further states that  in the month of February,2022, total domestic revenue collections amounted to K6.2 billion, of which K4.8 billion was from taxes, and K1.4 billion from non-tax revenues.

He says income tax collections amounted to K2.6 billion,mainly driven by the positive performance in company tax.

Mr Nkulukusa adds that mining-tax-collections amounted to K349 million, a performance boosted by payment of arrears by Chambishi copper smelter and Maamba collieries Limited; with non-mining tax collections amounting to K268 million, a performance boosted by the payment of arrears by Ndola Energy Company Limited and the offsets done against VAT refunds.

He says Value Added Tax collections amounted to K1.3 billion of which Domestic VAT accounted for K317.3 million and import VAT K1.0 million.