19 Feb 2014 18:10pm
WINDHOEK, 19 FEB (NAMPA) - Namibia's revenue collection from the Southern African Customs Union (SACU ) Common Revenue Pool recorded a surplus of N.dollars 9,07 billion in the 2010/11 financial year and of this amount, Namibia received N.dollars 2,5 billion during the 2012/13 financial year.
This was announced by Finance Minister Saara Kuugongelwa-Amadhila when she tabled the 2014/15 National Budget in Parliament on Wednesday afternoon.
The total budget is N.dollars 60,28 billion.
Kuugongelwa-Amadhila said a further N.dollars 812 million from the 2011/12 surplus will be remitted to Namibia during the 2014/15 fiscal year in addition to the annual pool share.
She noted that the preliminary revenue outturn for 2013/14 up to mid-February 2014 amounts to N.dollars 38,82 billion; equivalent to 96,6 per cent of the N.dollars 40,14 billion estimated in the budget.
Thus, revenue for 2013/14 is estimated to increase to N.dollars 43,87 billion, which represents an increase of 15,5 per cent over the previous year and 9,3 per cent more than the budgeted revenue, on the back of better-than-forecast economic performance and a stepped-up tax collection and administration effort, the minister explained.
According to Kuugongelwa-Amadhila, the total revenue outturn and grants for 2012/13 are estimated at N.dollars 38 billion, which is 7,3 per cent better than the N.dollars 35,42 billion estimated in the budget.
She said the favourable revenue outturn is on account of better than expected performance in domestic tax revenue streams, better economic performance than forecast, and an improved tax collection and administration effort.
The revenue outturn represents about 27 per cent growth over the N.dollars 29,9 billion collected during 2011/12.
The finance minister noted that both domestic tax revenue streams and the SACU Common Revenue Pool demonstrated strong performance.