By SHERRY CHBALA and GIDEON NYENDWA
THE Centre for Trade Policy and Development (CTPD) has observed that the 2024 national budget does not give a clear road map on how it is going to address the high cost of living being experienced.
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Speaking during a press briefing in Lusaka yesterday, acting executive director Natalie Kaunda said the organisation has noted that a significant amount of revenue in the 2024 budget would be sourced through taxes.
Ms Kaunda said while CTPD appreciated the fact that a significant amount of government revenue would be earned through taxes, the organisation was concerned that the budget did not give details on how the government intended to finance 79 percent of the budget internally.
Ms Kaunda said there was need for Government to pursue measures that promoted tax compliance and reduce tax evasion to stimulate revenue collection.
And Ms Kaunda has said the organisation has welcomed the decision by Government to increase excise duty for tobacco and tobacco-related products to K400 from K361 as this would boost revenue collection.
Meanwhile, Ms Kaunda has said 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.
Ms Kaunda said Zambia needed a sinking fund in reediness to begin to pay its outstanding debt.
And Ms Kaunda also said Government should evaluate the effectiveness of the tax incentives that were given to the mining sector to improve on the impact and tax policies.
She said the effectiveness of the past tax incentives in the mining sector had raised a lot of questions.
Ms Kaunda said the evaluation tax incentives should inform the design of future tax incentive programs, ensuring they align with the sector’s development goals and economic realities.
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