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· Zambia’s Non-Tax Revenue is expected to outperform the budget of K11.3 billion by 7.3% to about K12.1 billion.
· Finance Minister Dr. Bwalya Ng’andu has said that although the overall resource envelope would fall short of target by approximately K17.2 billion of the 2020 budget, non tax revenue category will grow beyond the target set by 7%.
Zambia’s Non-Tax Revenue is expected to outperform the budget of K11.3 billion by 7.3% to about K12.1 billion. Finance Minister Dr. Bwalya Ng’andu has said that although the overall resource envelope would fall short of target by approximately K17.2 billion of the 2020 budget, non tax revenue category will grow beyond the target set by7%.
Dr. Ng’andu said fall in the 2020 budget was mainly due to loss of revenue due to covid – 19 related tax relief measures and decline in economic activities. On the domestic front, revenues in 2020 are projected to be 17.8% below the budget target. Tax revenues are now projected at K47 billion against a budget target of K54 billion representing a decline of 12.7%. The non-tax revenue category is now projected to outperform the budget target of K11 billion by 7.3 % at K12.1 billion attributing the performance to receipts from dividends and on-lending activities.
The government spending in 2020 is expected to go up by an estimated K9.7 billion due to increased government spending on Covid-19. Dr. Ng’andu said the economic situation continued to be challenging and fiscal situation is extremely constrained. Hence, he stressed that the treasury will strive to mobilize more resources to respond to the various competing developmental needs of the country.
