EconomyEditor's Pick

Govt targets K1 billion in unremitted non-tax revenue, sets October deadline

0

The Zambian government is intensifying efforts to recover more than K1 billion in unremitted non-tax revenue, as identified in the Auditor General’s report.

To ensure transparency and accelerate collection, Finance and National Planning Minister, Situmbeko Musokotwane, has announced plans to publish the details of all organizations and individuals who are yet to remit these funds.

The government aims to collect the entire amount by the end of October 2024.

A report submitted by the Accountant-General to the Secretary to the Treasury showed that, as of June 2024, a total of K1,078,158,586.39 in non-tax revenue remained outstanding.

These funds, owed by various stakeholders to government ministries and agencies, are crucial for financing key public services.

Musokotwane stated that this outstanding revenue forms a vital part of the government’s 2024 resource mobilization framework and was needed to support critical programmes, including the drought emergency response.

Read more: Auditor-General’s report reveals reduction in financial irregularities, unauthorized salary payments

“To accelerate the remittance of outstanding revenue by respective stakeholders, the government will publish details of all organizations and individuals who are owing. We anticipate positive results from the exercise,” Musokotwane said in a statement issued in Lusaka on Wednesday.

He underscored that failure by some organizations and individuals to remit non-tax revenue was inconsistent with the government’s macroeconomic goals for 2024, which aimed to boost domestic revenue collection to at least 22 percent of the Gross Domestic Product (GDP).

“Undoubtedly, to achieve this target, the assigned ministries and agencies have the full backing of the Treasury in pursuing all relevant channels to ensure that the targeted non-tax revenues for various goods and services they render on behalf of the government are remitted by the end of October 2024,” Musokotwane said.

The unremitted revenue relates to services provided in sectors including energy, tourism, labour, water development and sanitation, transport and logistics, and home affairs and internal security.

Musokotwane reiterated that the government remained committed to ensuring that all outstanding non-tax revenue was collected within the stipulated time frame to strengthen public finances and support key national priorities.

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.

Rating agency, Moody’s, maintains stable economic outlook for Zambia despite alarming debt levels

Previous article

Bank of Zambia to phase out cheques by 2025, cites decline in usage, fraud concerns

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Economy