GOVERNMENT is targeting to collect K35.1 billion from taxes and non-tax revenues before the end of this year to be channelled towards key sectors of the country’s economy in a bid to uplift livelihoods.
The figure translates to K6 billion increase from last year’s K29.54 billion which Government collected.
This is contained in a Ministry of Finance Citizens’ Budget latest report released to Daily Mail in Kitwe.
“Government will continue to grow the economy and create jobs, especially for the youths. The amount of money collected from taxes and non-taxes will be raised from K29.54 billion in 2014 to K35.1 billion in 2015.
“Government will also increase Zambia’s foreign currency reserves to cover goods that can be bought from outside Zambia for a period of four months from three months in 2014,” the report reads in part.
Apart from increasing the amount of money collected from taxes and non-taxes, Government will also limit the amount of money borrowed from within the country to not more than K3.8 billion and continue with efforts of ensuring all Zambians have access to education, health services and clean water.
Government has planned to spend K46.7 billion, which is an increase of about K4 billion from the K42.7 billion raised in 2014.
According to the Ministry of Finance, eight percent of the targeted funds will be raised from non-tax revenue streams that include penalties, fines, motor vehicle licences, passport fees, ground rates, mineral royalty and money from the sale of government property like motor vehicles.
Meanwhile, Government has also increased empowerment funds from K108.7 million to K123.7 million to enable as many Zambians as possible to set up their own enterprises to improve their social and economic welfare.