Sat, 30 Sep 2017 10:25:22 +0000 By Buumba Chimbulu MINISTER of Finance, Felix Mutati, has unveiled a K71.6 billion 2018 National Budget out of which almost half of it will be financed by domestic revenue following the new tax measures which have since been introduced. This is an increase of K7.1bn from the K64.5bn unveiled for 2017. Mr. Mutati explained that out of K71.6bn or 25.9 percent, K49.1bn would be financed by domestic revenues and K2.4bn by grants from various cooperating partners. He said the balance of K20.1bn of the budget would be financed through domestic and external borrowing. “Resource mobilisation to support the 2018 budget, is anchored on enhancing tax administration through improved taxpayer services, risk management, enforcement and compliance. This is necessary to ensure that resources are mobilised in a cost effective and non-distortive manner,” he said. Mr. Mutati proposed to impose a property transfer tax at a rate of 5 percent on […]
