{"id":40401,"date":"2023-03-02T09:45:43","date_gmt":"2023-03-02T09:45:43","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue"},"modified":"2023-03-02T09:58:30","modified_gmt":"2023-03-02T09:58:30","slug":"sacu-receipts-boost-revenue","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue","title":{"rendered":"SACU receipts boost revenue"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022.<\/p>\n

In 2020, the Covid-19-induced trade shock reduced the flow of trade in the region and, consequently, the customs and excise revenue collected.<\/p>\n

SACU revenues for any year are typically calculated in December of the prior year based on projections.<\/p>\n

However, should the realised revenues come in lower than what was projected, the member countries are required to reimburse the pool with the overallocation over two years.<\/p>\n

Therefore, in 2021 and 2022, the member countries were obliged to repay into the pool what was overallocated in 2020 (the calculation was done in December 2019 and therefore did not account for the Covid-19 shock).<\/p>\n

In the 2023\/24 national budget tabled by the finance minister, SACU revenues are now expected to increase substantially by 71.6% from N$14.2 billion in FY2022\/23 to N$24.3 billion in FY2023\/24.<\/p>\n

\u201cThis is a welcome relief to the fiscus, as it provides an upside to government revenue, which is expected to increase by 16.5% from N$64.1 billion in FY22\/23 to N$74.7 billion in FY23\/24. A breakdown of revenue sources shows that SACU receipts will now account for 32.6% of the total revenue for FY23\/24 \u2013 making them the single largest source of revenue for the Namibian government,\u201d said Ruusa Nandago, FirstRand Namibia economist.<\/p>\n

\u201cIn the last decade, alone, there have been three SACU revenue shocks (in 2010\/11, 2016\/17 and 2020\/21). Given the volatile nature of SACU revenues and the fact that they are often driven by external factors outside member countries\u2019 control, an overreliance on this source of revenue can complicate fiscal management and undermine fiscal consolidation efforts. It is, therefore, important that the government continues to broaden the domestic tax base and diversify its source of revenue.<\/p>\n

\u201cEncouragingly, the minister highlighted in his speech that the government plans to boost domestic tax revenue collection through tax administration reforms, aimed at improving tax compliance and collections on tax arrears. Such reforms, if combined with wider structural reforms in the business environment, will go a long way in widening the net of government revenues and stabilising the fiscus,\u201d she added.<\/p>\n

SACU is the oldest customs union in the world, established in 1910 between five member states: Botswana, Eswatini, Lesotho, Namibia and South Africa.<\/p>\n

The union allows for these five countries to share trade-related customs and excise revenue and for the free movement of goods and services within the Union.<\/p>\n

All customs and excise duties are collected in a common revenue pool and shared among the countries according to a revenue-sharing formula.<\/p>\n

South Africa is the largest contributor to the pool, making up 97% of the total contribution, followed by Namibia at 1.4%, Botswana at 1.0%, Lesotho at 0.4% and Eswatini at 0.2%.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19-induced trade shock reduced the flow of trade in the region and, consequently, the customs and excise revenue collected. SACU revenues for any year are typically calculated in December of the prior year based […]<\/p>\n","protected":false},"author":84,"featured_media":40399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-40401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nSACU receipts boost revenue - Namibia<\/title>\n<meta name=\"description\" content=\"The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19- ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SACU receipts boost revenue\" \/>\n<meta property=\"og:description\" content=\"The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19- ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-02T09:45:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-02T09:58:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SACU receipts boost revenue\",\"datePublished\":\"2023-03-02T09:45:43+00:00\",\"dateModified\":\"2023-03-02T09:58:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\"},\"wordCount\":453,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\",\"name\":\"SACU receipts boost revenue - Namibia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg\",\"datePublished\":\"2023-03-02T09:45:43+00:00\",\"dateModified\":\"2023-03-02T09:58:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19- ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg\",\"width\":720,\"height\":479,\"caption\":\"SACU receipts boost revenue\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/namibia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SACU receipts boost revenue\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/\",\"name\":\"Namibia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SACU receipts boost revenue - Namibia","description":"The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19- ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue","og_locale":"en_US","og_type":"article","og_title":"SACU receipts boost revenue","og_description":"The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19- ...","og_url":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue","og_site_name":"Namibia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-03-02T09:45:43+00:00","article_modified_time":"2023-03-02T09:58:30+00:00","og_image":[{"width":720,"height":479,"url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"SACU receipts boost revenue","datePublished":"2023-03-02T09:45:43+00:00","dateModified":"2023-03-02T09:58:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue"},"wordCount":453,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg","keywords":["africa press","Africa Press-Namibia","namibia"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue","url":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue","name":"SACU receipts boost revenue - Namibia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg","datePublished":"2023-03-02T09:45:43+00:00","dateModified":"2023-03-02T09:58:30+00:00","author":{"@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Southern African Customs Union revenue growth has been in contraction between 2020 and 2022. In 2020, the Covid-19- ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#primaryimage","url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg","contentUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1677737747.80.jpg","width":720,"height":479,"caption":"SACU receipts boost revenue"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/sacu-receipts-boost-revenue#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/namibia\/"},{"@type":"ListItem","position":2,"name":"SACU receipts boost revenue"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/namibia\/#website","url":"https:\/\/www.africa-press.net\/namibia\/","name":"Namibia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/40401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/comments?post=40401"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/40401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media\/40399"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media?parent=40401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/categories?post=40401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/tags?post=40401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}