Govt collects K3bn revenue in January

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.