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Saturday, August 8, 2020

NEW REVENUE MEASURES TO GENERATE D221 MILLION FOR GOV’T – FINANCE MINISTER

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Kebba Sata Touray disclosed this on Friday while presenting the 2015 budget to the National Assembly for adoption in Banjul under tight security. 

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He informed the lawmakers: “Consistent with the policy of tax development, government will introduce the following tax measures from 1st January 2015. [It will] raise the GSM levy from1.25 percent to 2.5 percent and this will generate additional revenues estimated at 33 million dalasi; fuel levy of 1 dalasi per litre for the road fund and this will generate additional revenues estimated at 88 million dalasi; introduce 35 percent levy on imported poultry products and this will generate additional revenues estimated at 15 million dalasi, increase import levies on premix oil from 4.76 dalasi per litre to 11.42 dalasi per litre and this will generate additional revenues estimated at 60 million dalasi; increase in tax on cigarettes from 9 dalasi per pack to 12 dalasi per pack; increase the environment tax on cigarettes from 2 dalasi per pack to 2.20 per pack; increase excise tax on other tobacco products from 150 dalasi per kilogram to 200 dalasi per kilogram; increase environment tax on other tobacco products from 100 dalasi per kilogram to 110 dalasi per kilogram. These measures will generate additional revenues estimated at 25 million dalasi.”

Meanwhile, the finance minister who read the document titled; ‘An Act to provide for the services of The Gambia for the period 1st January 2015 to 31st December 2015’ saw government increasing spending but shrinking the deficit and increasing the share taken by recurrent expenditure. 

He added: “Total revenue and grants for the fiscal year 2015 is projected at 11.2 billion dalasi or 29.4 percent of GDP, an increase of 31 percent over 2014. This increase is principally due to elimination of subsidies; increase in grants, projected increase in efficiency and compliance and to a lesser extent the effect of new measures. Total expenditure and net lending for the fiscal year 2015 is projected at 11.7 billion dalasi or 30.7 percent of GDP. Current expenditure which is composed of personnel emoluments, other charges and interest is expected to consume 71.7 percent of total expenditure in 2015, in comparison to 70 percent in 2014. Capital expenditure is projected to consume almost the same share as in 2014, from 30 percent of total expenditure in 2014 to a projected 29.3 percent in 2015. The fiscal deficit for the upcoming year is projected at 504 million or 1.3 percent of GDP in comparison to an expected deficit of 3.4 billion dalasi in 2014 or 10 percent of GDP. Net borrowing for the upcoming fiscal year 2015 is projected at 1 percent of GDP, a significant decrease from 10 percent of GDP as expected at the end of 2014.” 

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