Total revenue for 2019/20 estimated at N.dollars 58.4 billion
27 Mar 2019 19:00pm
WINDHOEK, 27 MAR (NAMPA) Total revenue for the financial year 2019/20 is estimated at N.dollars 58.4 billion, an improvement of 3 per cent from the outturn for 2018/19 and 29,7 per cent of the gross domestic product (GDP).
Minister of Finance, Calle Schlettwein said this when he tabled the N.dollars 60.1 billion National Budget for the 2019/20 financial year in the National Assembly on Wednesday.
Revenue for 2017/18 was N.dollars 58.8 billion.
Schlettwein said expenditure adjustments of 7,9 per cent of the GDP were made to align public spending to revenue to stabilise growth in public debt through a gradual reduction in the budget deficit.
Public expenditure is aligned to revenue. Over the past three years, revenue grew by 3,8 per cent, relative to 0,4 percent growth in expenditure, he said.
He further indicated that the recruitment process for the Namibia Revenue Agency would commence over the next few months ahead of its launch on 01 October 2019.
The board of directors was inaugurated in December last year and is currently developing internal policies and operational readiness activities.
Over the Medium-Term Expenditure Framework (MTEF), revenue is projected to increase on average by 3 per cent, at N.dollar 59.9 billion in the financial year 2020/21, to reach N.dollars 61.8 billion by the 2021/22 financial year.
Total revenue is estimated to moderate from 29,7 per cent of the GDP in the financial year 2019/20 to about 29,2 per cent over the remainder of the MTEF, mainly on account of the expected laxity in the growth of SACU receipts and domestic revenue streams.