Metro

Zambia: Finance Minister presents K217b 2025 budget to parliament

Published

2 weeks ago

September 28, 2024

Zambian Finance and National Planning Minister, Situmbeko Musokotwane, has presented the 2025 national budget to the parliament totalling K217 billion which he said was designed to address the pressing drought-induced difficulties affecting the nation.

In a detailed address to parliament in Lusaka on Friday, Musokotwane said it was necessary for innovative revenue-generating strategies to bolster the economy and improve the livelihoods of citizens grappling with these adversities.

The proposed 2025 budget represents a significant increase from the 2024 budget which was K177.9 billion and has already been supplemented by an additional K41.9 billion aimed at mitigating the adverse impacts of the ongoing drought.

Musokotwane laid out a comprehensive strategy to secure funding for the budget and noted that to finance the ambitious budget, there are plans to mobilize K174.2 billion through domestic revenue, while also seeking K8.2 billion in grants from cooperating partners.

According to the minister, the remaining K34.7 billion would be raised through borrowing, reflecting the government’s commitment to addressing fiscal challenges head-on.

He added that there is a proposed Advance Income Tax set at 15 percent on remittances exceeding US$2,000, specifically targeting transactions conducted without a valid Tax Clearance Certificate.

This measure, Musokotwane said, is aimed at combating
illicit financial flows and ensure compliance among businesses and would also apply to non-compliant exporters.

Additionally, Musokotwane announced an upward revision of the corporate income tax rate from 15 percent to 20 percent on profits derived from the export of non-traditional products and value-added copper cathodes.

“The harmonisation is aimed at unifying the income tax regime over the medium term,” he said.

Other notable proposals included the introduction of a K2,500 fee for resident permit holders who remain outside Zambia for more than six months, aligning with international standards.

Musokotwane also proposed a 10 percent excise duty on betting amounts and a significant increase in excise duty on non-alcoholic beverages from the current 60 ngwee to K1 per litre.

Furthermore, he suggested a 20 percent increase in the bands for presumptive tax on motor vehicle operators transporting passengers.

These measures are strategically designed to support the government’s goal of achieving a 6.6 percent real Gross Domestic Product (GDP) growth in the coming year.

Related Topics:budget Featured Parliament Zambia

Click to comment

Metro

All the choices we have made are for sustainable, inclusive growth— Tinubu

Published

1 hour ago

October 9, 2024

Isaac Dachen

Nigeria’s President Bola Tinubu has reiterated that all the choices his administration has made since assuming office 17 months ago have been made to stop the country’s decline and put it on a path to sustainable and inclusive growth.

Tinubu, who made the assertion at the 54th Annual Accountants Conference in Abuja on Tuesday, said it was encouraging that Nigeria’s Gross Domestic Product growth for the first and second quarters of 2024 was positive, giving credence to his reforms and policies.

The president, who was represented by Minister of Budget and Economic Planning, Alhaji Abubakar Bagudu, noted that it was gladdening that inflation was on a downward trend, and the foreign exchange market was stabilising, with encouraging investment signals.

“We are continuing with innovative reform measures: digitisation of revenue collection and government services, consumer credit system to boost manufacturing and enable access to goods and services,” Tinubu said in his address to the audience.

“Our reforms include removing punitive subsidies to the economy. Revenue bleeding has reduced, and the three tiers of government are receiving higher allocations, which enable more support to vulnerable populations.

“Social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.

“Our collective vision for Nigeria’s future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability,” he said.

He added that his government was committed to leveraging cutting-edge technologies to boost transparency and efficiency and cultivate strategic partnerships to pave the way for sustainable development.

Metro

10 Zambian miners confirmed dead, 20 feared trapped in Mumbwa mine tragedy

Published

19 hours ago

October 8, 2024

Isaac Dachen

At least 10 Zambian miners have been confirmed dead, with 20 others feared missing after the collapse of the Lwiili Mine located in the Mumbwa region.

The devastating accident, which was confirmed by the Member of Parliament representing Nangoma, Collins Nzovu, and the Zambia Police, was said to have occured on Monday.

Search efforts are ongoing to locate the missing miners.

“I regret to confirm a tragic mining accident at Lwiili Mine in Nangoma, where 20 lives are feared lost. As of now, nine bodies have been retrieved, with 10 confirmed dead,” Nzovu stated in a video posted on his official Facebook account.

He also stated that President Hakainde Hichilema and Vice President Mutale Nalumango had been informed of the incident and urged residents and the bereaved to remain calm.

The Central Province Police Chief, Charity Chanda, who also confirmed the incident in a statement, said five miners were also injured.

“An unknown number of people were conducting mining activities when the earth collapsed on them,” Chanda said.

He added that rescue teams recovered six injured miners, but one later died at Nangoma Mission Hospital.

The police chief also said bodies of the deceased have been taken to Mumbwa General Hospital Mortuary, while the injured are receiving treatment at Nangoma Mission Hospital.