Centre for Trade Policy claims national budget not clear on addressing high cost of living

The Centre for Trade Policy and Development (CTPD) has claimed that the 2024 national budget does not give a clear road map on how the current high cost of living would be addressed.

CTPD acting Executive Director, Natalie Kaunda, told journalists in Lusaka on Wednesday that the organisation was keen to see efforts in the budget which would address the current high cost of living.

She pointed out that the organisation had noted that a significant amount of revenue in the 2024 budget would be sourced through taxes.

“While CTPD appreciates the fact that a significant amount of government revenue would be earned through taxes, we are concerned that the budget did not give details on how government intended to finance 79 percent of the budget internally,” Kaunda said.

Kaunda stressed the need for government to pursue measures that promoted tax compliance and reduced tax evasion to stimulate revenue collection.

He said CTPD had welcomed the decision by government to increase exercise duty for tobacco and tobacco-related products to K400 from K361 as this would boost revenue collection.

Meanwhile, Kaunda noted that while the Public Debt Management Act No. 15 of 2022, provided for the establishment of a sinking fund, its operationalisation in the 2024 national budget had remained unclear and called on government to quickly address the challenge.

He said Zambia needed a sinking fund in reediness to begin to pay its outstanding debt.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.