NOVEMBER 2021 – ZAMBIA
2022 BUDGET SPEECH
It is important that employers note the following:
Zambia budget speech and tax changes
On Friday, 29 October 2021 Honourable Dr Situmbeko Musokotwane, MP, Minister of Finance and National Planning, delivered the 2022 Budget.
Budget highlights:
· Spending of 173 billion kwacha ($10 billion) or 37.1% of GDP, and revenue and grants of 100.7 billion kwacha or 21.6% of GDP.
· Expenditure in 2021 is now forecast at 139 billion kwacha, vs 119.6 billion kwacha budget for this year.
· Economic growth is seen at 3.5% in 2022 and 3.3% this year, vs 1.8% target in the 2021 budget.
· The fiscal deficit is forecast at 6.7% of GDP in 2022 and 10.4% in 2021, compared with this year’s target of 9.3%.
· External debt servicing is seen at 51.3 billion kwacha.
· Domestic borrowing will be limited to 5.2% of GDP. |
