Zimbabwe records budget surplus

The Accountant General is in the process of finalising the 2011 Financial Accounts of the Republic of Zimbabwe and Treasury will Gazette the same in February 2012 Finance Minister Tendai Biti said on Wednesday.

He said these accounts will capture the Budget outturn for 2011.

“This is an important issue given the fact that the figures I presented in the 2012 Budget last November were only up to October 31 2011,” he said.

However, the Preliminary Annual Statement of Financial Performance for the year ended December 31 2011 indicates total revenue at US$2 921 million and total expenditure at US$2 890.6 million, resulting in an overall 2011 Budget surplus of US$30,4 million.

“This outturn allowed for government to post a small positive opening balance which became available for supporting Budget expenditures in January 2012, mainly salaries and pension payments, at a time when revenue inflows are seasonally low,” said Biti.

“The original 2011 Budget had projected total revenues at US$2 746 million, an estimate which I had revised upwards to US$2 950 million at the time of the presentation of the 2012 Budget in November 2011,” he said.

The Preliminary 2011 Budget revenue inflows are broken down as follows

US$ million

Taxes on Income & Profits 1 072.5

Customs Duties 332.9

Excise Duties 306.6

VAT 911.6

Other Taxes 37.5

Non Tax Revenue 259.9

Total 2 921.0

The breakdown of the Preliminary 2011 Budget expenditures is as follows:

US$ million

Employment Costs 1 816.8

Goods and Services 604.7

Capital Expenditure 424.1

Total 2 890.6

Post published in: Business

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