Zambian Finance Minister Hon. Felix Mutati announced measures for the 2018 Tax Year to increase the revenue base to drive sustained inclusive growth and to reduce the national debt burden.
The theme of the 2018 National Budget is “Accelerating fiscal fitness for sustained inclusive growth without leaving anyone behind”.
The highlights are as follows:
- GDP growth of 5%
- Inflation of between 6% and 8%
- Limit the fiscal deficit on a cash basis to 6.1% of GDP
- The Minister announced a K71.6 billion budget for 2018, of which 68.5% will be financed from domestic revenues
- Amendment of the due dates for filing of the Value Added Tax (VAT) returns and making payments from the 16th of every month to the 18th
- It is important that employers note that, as from 1 January 2018, the monthly tax relief of K255 provided to taxpayers for contributing to the National Pension Scheme Authority (NAPSA) has been removed
- The PAYE exempt thresholds remain unchanged as follows:
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