State exceeds May revenue collection target


GOVERNMENT exceeded its projection of domestic revenue collection last month, raking in K2.29 billion against and expectation of K2.23 billion.
Of the K2.29 billion raised, K1.75 billion was tax revenue while non-tax revenue amounted to K540.39 billion.

This is according to a statement issued by Ministry of Finance public relations officer Chileshe Kandeta yesterday.
A total of K572.01 million income tax was collected against a target of K735.91 million.
The failure to reach this target has been attributed to unremitted pay as you earn (PAYE) from some organisations and companies.
Government projected to collect K470.38 million as non-tax revenue last month but raised K540.39 million because of dividends and other receipts from various Government investments remitted to the treasury during the month.
And the Africa Development Bank (AfDB) and the World Bank provided K30.77 million as support to projects under the Ministry of Agriculture and Livestock.
Meanwhile, K2.31 billion was released by Government to facilitate the implementation of various Government programmes and activities.
The money was used for constitutional and statutory costs such as salaries and debt service as well as the implementation of development programmes and activities under various ministries, provinces and spending agencies.
An increase in domestic interest payments allowed for Government to spend K392.13 million towards debt servicing and K1.14 billion was spent on salaries and wages, including salary-related emoluments for public service workers.
And K225.79 million was provided as grants to institutions such as the Zambia Revenue Authority (ZRA), road agencies and universities.
A total of K64.11 million was released towards the Farmer Input Support Programme, while K61.33 million was released under the Constituency Development Fund.
Government also released K126.21 million for various infrastructure works across the country and K23.6 million of the amount went towards the construction and maintenance of rural roads in the provinces.
The Public Service Pensions Fund received K21.17 million to facilitate the payment of benefits to retired public service workers.
Meanwhile, Government expects increased expenditures in the third quarter because of the disbursement of bond proceeds towards beneficiary institutions that have so far submitted implementation plans or certificates of works.
The treasury will also step up the current cash management efforts by ensuring that funding is withheld for ministries, provinces and spending agencies that accumulate huge idle balances in their accounts.