2015 Zambian Budget – Industrialisation And Job Creation
The K 46.7 billion 2015 Zambian Budget was unveiled by Minister of finance Alexander Chikwanda on 10th October 2014, with a focus on industrialisation and job creation.
The K 46.7 billion budget, which represents 24.6 per cent of the Gross Domestic Product (GDP), will be financed as follows:
| Domestic Borrowing
| Proceeds From Euro Bond
| Foreign Programs And Project Financing
Highlights of 2015 Zambian Budget
- The freeze on employment has been lifted.
- Mineral Royalty Tax has been increased from 6 per cent to 8 per cent
- Open cast mining operations tax from 6 per cent to 20 per cent
- Introduction of 30 per cent company tax on mining income earnings from tolling operations.
- Wage freeze continues
- Subsidies on fuel and maize have been removed
- Achieving of a real Gross Domestic Product (GDP) growth rate of above 7 per cent
- Attaining end year inflation of not more than 7 per cent
- 5 per cent of customs duty on aviation fuel has been removed
- The Government will reduce its shareholding in the Zambia Consolidated Copper mines Investment Holding (ZCCM-IH) from 87 per cent to 60 per cent
We look forward to what the 2015 budget will accomplish as a result of its focus on industrialisation and job creation.
This will ensure that the Country will process its raw materials into finished products and add value so that they fetch higher prices on the market.
This will also increase job opportunities in large and small industries. When more job opportunities are opened up, there will be a corresponding growth in the tax base, as a result increasing the Government coffers.
Yes, we need more jobs!
Currently as at this writing (October 2014), out of the population of 13 million, about 750,000 are in the formal sector. This is not acceptable; let the 2015 Budget solve that!
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