N$84.6 billion budget to be reviewed
Tax revenue collection on track
Government debt was estimated to increase to N$150.9 billion (70% of GDP) during the current financial period.
Finance minister Iipumbu Shiimi is expected to table the mid-term budget review today for the financial year (FY) 23/24. The N$84.6 billion budget for the current financial period was initially tabled in February.
Total expenditure composed of N$66.1 billion in operational expenditure, representing 78.2% of the total budget. In addition, N$10.2 billion was allocated for interest payments, which accounted for 11.9% of the overall budget.
The development budget received only N$6.5 billion, accounting for 9.9% of the entire budget.
On the other hand, overall revenue was projected at N$74.4 billion. Government debt was estimated to increase to N$150.9 billion, representing 70% of gross domestic product (GDP) during the current financial period.
Meanwhile, statistics recently released by the Namibia Revenue Agency (NamRA) revealed that tax revenue collection is on track.
NamRA collected a net amount of N$37.4 billion in tax at the end of September this year, representing 55.2% of the total revenue target of nearly N$67.8 billion for the financial year 2023/24.
Tax revenue for the financial year 2023/24 was estimated at N$67.8 billion, up from the adjusted N$53.4 billion for the financial year 2022/23, which rose from N$49.4 billion for the financial year 2021/22.
The agency said the mid-year revenue collection is over N$9 billion better than the N$28.3 billion generated at the same time in the financial year 2022/23.
The major contributors to the strong half-year revenue generation were receipts from the Southern African Customs Union (Sacu), individual income tax and value added tax (VAT).
In February, Shiimi highlighted that an assessment was being undertaken to determine the possibility of reviewing the threshold for individual income tax from N$50 000 to N$100 [email protected]
Total expenditure composed of N$66.1 billion in operational expenditure, representing 78.2% of the total budget. In addition, N$10.2 billion was allocated for interest payments, which accounted for 11.9% of the overall budget.
The development budget received only N$6.5 billion, accounting for 9.9% of the entire budget.
On the other hand, overall revenue was projected at N$74.4 billion. Government debt was estimated to increase to N$150.9 billion, representing 70% of gross domestic product (GDP) during the current financial period.
Meanwhile, statistics recently released by the Namibia Revenue Agency (NamRA) revealed that tax revenue collection is on track.
NamRA collected a net amount of N$37.4 billion in tax at the end of September this year, representing 55.2% of the total revenue target of nearly N$67.8 billion for the financial year 2023/24.
Tax revenue for the financial year 2023/24 was estimated at N$67.8 billion, up from the adjusted N$53.4 billion for the financial year 2022/23, which rose from N$49.4 billion for the financial year 2021/22.
The agency said the mid-year revenue collection is over N$9 billion better than the N$28.3 billion generated at the same time in the financial year 2022/23.
The major contributors to the strong half-year revenue generation were receipts from the Southern African Customs Union (Sacu), individual income tax and value added tax (VAT).
In February, Shiimi highlighted that an assessment was being undertaken to determine the possibility of reviewing the threshold for individual income tax from N$50 000 to N$100 [email protected]
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