Gov’t Expects to Collect Additional $50b in Taxes in New Fiscal Year

The government expects to collect more from its two headline taxes, pay as you earn, PAYE, and general consumption tax, GCT, in the new fiscal year which starts on April 1.

That’s according to figures published in its Revenue Estimates for 2025-2026.

Chevon Campbell, tells us more.

The government is expecting to collect an additional $50 billion in tax revenue for the upcoming financial year. Based on the Revenue Estimates for the period, they’re anticipating growth from most tax revenue streams.

For the current financial year, the government plans to collect nearly $900 billion in tax revenue.

As of December 2024, it’s collected approximately $590 billion. However, for the next fiscal year, it’s anticipating growth in tax revenues with a total collection of just over $949 billion.

The increased tax revenue is expected to come from $39 billion in improved income tax collections.

GCT collections are also expected to improve by $7 billion, with just over $1 billion more expected to come from special consumption tax.

Customs revenue similarly is anticipated to grow by $9 billion.

In terms of debt, the government plans to spend $177 billion on debt servicing. This is slightly down from the $182 billion spent in the current financial year.