Budget: Sailing in troubled waters View(s):At last, Budget 2019 was presented four months after its due date and two months after its due implementation date in the current Financial Year. This means that the entire public investment budget plus part of the recurrent expenditure was financed through borrowings. With increased borrowings, interest payment has become the largest recurrent expenditure item in the government budget. Direct tax revenueIt doesn’t look like the implementation of the 2018 Inland Revenue Act (IRA) has much to do with increased direct tax revenue. The reduction is not only due to cut backs in public investment, but also due to under-spending in recurrent expenditure.
Source: Sunday Times March 09, 2019 19:05 UTC