Page 14 - THE 2024-25 MID-YEAR BUDGET REVIEW STATEMENT

affected revenue mobilization and impacted on

expenditure.

Performance of Revenue and Grants

22. Madam Speaker, at mid-year total revenue and grants

for the 2024-25 fiscal year amounted to K1.72 trillion against a

midyear projection of K2.22 trillion.

23. Specifically, domestic revenue was projected at K1.63

trillion of which K1.56 trillion was tax revenue and K79.3 billion

was Other revenue. However, the outturn for domestic

revenue during the first half of the financial year is K1.50

trillion, representing an under-performance of 8.2 percent.

The midyear outturn for tax revenue is K1.44 trillion against a

target of K1.56 trillion representing a variation of 7.7 percent.

The outturn for non-tax revenue is K65 billion against a target

of K79.3 billion, representing a variation of 18 percent.

24. Madam Speaker, you may wish to note that the

underperformance in revenue is largely due to the lower than

projected economic growth and delayed implementation of

some tax policy measures. However, going forward to the

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