News FlashesNovember 3, 2021CRS News Flash 02 November 2021 – ZAMBIA – 2022 Budget Speech and Tax changes

 

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.

Tax changes:
The PAYE income exemption threshold is proposed to be increased as follows:

To read the Budget speech, follow the link.

 

 

Contact our legislation team at info@crs.co.za if you require any additional information. 

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