04 Apr 2018 06:20am
WINDHOEK, 04 APR (NAMPA) Taxes were the main source of general government revenue in 2017, accounting for 57,5 per cent, the Preliminary Annual National Accounts report for 2017 shows.
The report released by the Namibia Statistics Agency last week states that income generated for general government in 2017 was N.dollars 58.4 billion in 2017, compared to N.dollars 54.4 billion in 2016.
The positive performance was attributed to an increase in the current transfers and taxes on income and wealth that recorded 10,4 per cent and 7,3 per cent, respectively.
According to the report, general government comprises central and local government and statutory bodies.
Taxes were followed by Southern African Customs Union (SACU) receipts with 31,2 per cent. Other sources of income included property income and other current transfers from the rest of the world that contributed 11.3 per cent to government income.
Taxes on production and imports, as well as property income receivable recorded marginal increases of 4,3 per cent and 5,5 per cent respectively.
The total expenditure for general government increased by 2 per cent in 2017, compared to the strong growth of 11,5 per cent in 2016.
A decline was furthermore recorded in the capital formation of general government investment with N.dollars 6.2 billion in 2017 from N.dollars 7.8 billion in 2016.
Taxes on income and wealth were the highest contributor to general government revenue with N.dollars 20.7 billion; followed by current transfers from the rest of the world and SACU with N.dollars 19.8 billion and N.dollars 18.2 billion, respectively.
Household taxes contributed N.dollars 11.4 billion of the general government revenue while the lowest contribution came from interest receivable of N.dollars 514 million.