Zambia raises 1.6bn Kwacha in June from taxes

The Zambian government raised K1.6 billion tax, non-tax, and grant revenue in June, while expenditure totalled K2.5 billion, Secretary to the Treasury Fredson Yamba, disclosed here Wednesday (US$ 1 = K530).

Yamba, who reiterated that the Treasury was determined to remain on course with the execution of the 2013 budget, said the difference between revenue and expenditure was bridged by K545 million domestic borrowing, through government bonds and Treasury bills, and K354.2 million from bond proceeds.

“This outturn, against the 2013 approved budget of K32.2 billion, represents an execution rate of 47.5 per cent as at end of June 2013. This is good performance considering that most tax revenue inflows started coming in around April,” Yamba said in a statement.

Total domestic revenues amounted to K1.57 billion, of which tax revenues amounted to K1.5 billion and non-tax revenues K70.2 million. Government had projected to collect a total of K2.3 billion tax revenues in June but collections were K1.5 billion, mainly due to lower than projected inflows under mining company tax.

“The Treasury is determined to remain on course with the execution of the 2013 budget,” Yamba stated.