By Balewa Zyuulu
Economist Emmanuel Zulu has urged government through the Ministry of Finance and National Planning to reduce the tax burden on citizens in the 2024 national budget.
Mr Zulu says government must broaden the tax base by incorporating more tax-payers from the informal sector instead of increasing the taxes that are already within the tax base and should put more emphasis on broadening the tax base and overhauling the Pay-As You-Earn-PAYE- structure and tax system to make it more equitable.
Mr Zulu says since the budget is being formulated amidst public concerns over the increasing cost of living and high unemployment levels, the 2024 national budget must aspire to seriously consider the current economic challenges affecting citizens by increasing their disposable incomes.
He says the budget must also address the urgent need to diversify the economic portfolio by promoting and facilitating more investments in other industries such as agriculture, processing, manufacturing, and healthcare, education, tourism and other services.
Further, Mr Zulu is of the view that government should identify strategic industries with extensive supply chains that can equally serve as anchors for suppliers and buyers in backward and forward linkages.
As part of government’s broad-based consultations and 2024 budget submissions, Finance Minister Situmbeko Musokotwane has called on stakeholders to propose measures that will be included in next year’s national budget.
PHOENIX NEWS