K10 BusinessThe Post - 31 Dec /1/4/JS (6 X 2)/1May The Right To Do Business Vol:1 Issue #021 E-mail:
[email protected] www.businessweekly.co.zm 30 SEP - 6 OCT 2019 GOV’T CLIMBS DOWN ON PROPOSED SALES ….VAT maintained amid fears of GDP drop, job losses TAX overnment’s his 2020 budget speech that stakeholders, which in- proposal to re- in the face of wide-ranging cluded the cascading ef- introduce Sales concerns from several key fect, negative impact on Tax next year to sectors, government will GDP growth and job losses Greplace the current Value maintain the current VAT through elimination of in- Added Tax (VAT) to boost and address its compliance termediaries in the supply domestic revenue mobiliza- and administrative chal- chain,” he said of the pro- tion has been reversed. lenges. posed Sales Tax. Minister of Finance Dr. “A number of concerns Ng’andu told parliament in were raised by various Page 2 2020 budget weighs in at K106 bn By Prudence Chota he 2020 national and external financing. undersubscriptions on gov- Budget has in- The minister has proposed ernment securities auc- creased by K19.2 to spend K44.1 billion for tions and the depreciation billion represent- General Public Services of the Kwacha against the Ting, 32.4% of Gross Do- with notable expenditures United States dollar which mestic Product (GDP). under this category being contributed to higher than The 2020 national budget K33.7 billion for debt ob- programmed external debt Chamber of Mines calls for has increased to K106.0 bil- ligations and K2.3 billion service payments.