Government has collected a total of 3 billion kwacha in revenues in the month of January this year.
Out of 3 billion kwacha which is said to be above the projected figure of 2.5 billion that was set for the month, tax revenues accounted for 2.8 billion kwacha while non-tax revenue was accounted for 203.9 million kwacha.
Acting Secretary to the Treasury Felix Nkulukusa has disclosed that government also carried over 752.5 million Kwacha from the 2013 Fiscal Year.
Mr. Nkulukusa says this good performance of tax revenue inflows was mainly due to higher than projected collections under the income tax and VAT categories.
Mr. Nkulukusa, who is also Ministry of Finance Permanent Secretary, the total income tax amounted to 1.6 billion kwacha which is 40.1 percent above target, mainly due to higher than expected payments from PAYE.
He says from the mining sector 808.4 million kwacha was collected as VAT while ZRA also enforced measures to strengthen administrative procedures related to VAT refunds and the Customs and Excise component totaled 344.8 million kwacha.
And Nkulukusa has further disclosed that in the month January this year the Treasury released 3.4 billion kwacha for implementation of developmental programmes, and for constitutional and statutory expenditures such as salaries and debt service.
He says the difference in revenue and expenditures was met through carry-over funds from 2013.
The Acting Secretary to Treasury further notes that It is important to note that the funding done in January brought to a close the issue of voluntary separatees, a different interest group from pensioners, as the entire outstanding amount, in terms of principle and interest, which has now been paid.
This is contained in statement released to Qfm news by Ministry of Finance public relations officer Chileshe Kandeta.
Thatsa lot of money! Lets see it working
Donchi Kubeba!
Balya again!
K3bn subtract jet-fuel for empty Presidential Jet, plus 2nd class airticket for Sata, unbudget for = K1bn net income.
This guy seems to workong hard. I envy him. Thts great. Zambia is so RICH, lets try to manage all this wealth.
Job well done even I dont support any Party PF inclusive. Lets giv where its worthy.
Wauw! PF in power for another Two years those figures will tripple.
The Mining Sector contributed a paltry K808.4m. My personal opinion is that the mining sector should be contributing around K4 billion and this will in-turn enable our government to offer a significant reduction on workers’ P.A.Y.E thereby empowering workers with more money in their pockets. We’ll then have every reason to allow them to sink a hole in the lower Zambezi. But their contribution is too little in my view. We are talking about 6 major mining giants here; i.e Mopani, KCM, Kansanshi, Lumwana, Chambishi, Luanshya, these are capable of contributing a billion each.
Zambia the banana republic! Now you have the whole Finance Ministry giving a running commentary on how much tax they collected the previous month.
@The Chosen One
From the mining sector 808.4 million kwacha was collected as VAT.It is not corporation tax.Do you know the difference between direct and indirect tax ?
naimwe, it’s not: corporation tax
it’s: Corporate Tax
@Kuna matata
I may not understand the economic jargon BUT stakeholders including the government are of the view that the mining sector is contributing too little to our economy than it should. On 1st November 2013 Finance Minister Alex Chikwanda announced in Parliament that the mining sector in Zambia contributed only five percent to domestic revenue when in other countries in the region the contribution stood at 11 percent”. I think you will also agree that 5% is not good enough, more needs to be done!!!!!!
The chosen one I agree with you. Mining has been with us since 1928, and in all this time, today we see this sector contributing so little to the treasury. I stand to be corrected but we are losing more than 90% of mining revenue. In light of this and with the report from ZEMA on environmental assessment, it does not make since to sink another hole. Lets concentrate on maximising Lumwana, Mopani etc before we expand.
am missing the lady doing her PHD. She has not commented for sometime now.
Somebody ask her to post something now!
Thanks
Ba Nkulukusa, thanks, Now can we show accountability on the use of the same. And should this trend continue, can we save the same for future prospects instead of “inkongole”. Cut off or suspend certain ‘wants’ of politicians. Its called tightening the belt for better goals.
Money was collected,how it will be used is another matter
by elections money
@ abeenaaa!
Smart Alick, it is corporation tax not corporate tax.Please go back to NIPA and study again.
Its not alot of money for a country, infact its petty CASH for GBM , the title should read Government collect Revenue equivalent to GBMS petty cash