FINANCE MINISTER LAUNCHES FILLING SEASON

The Minister of Finance, Mr. Thabo Sophonea says the budget speech shows that the economic growth for 2022/23 is projected to remain floating at 2.3 percent before expanding to 2.5 percent in 2023/24 and averaging 2.8 percent over the medium term.
Mr. Sophonea said this when officially launching the Filling Season 2021/2022 at event held at Lesotho Revenue Authority Trading Centre on Wednesday.
Speaking at the event, the Minister noted that when he became a Minister of Finance in May 2020, the country was seriously battling the emergence of COVID -19, saying that LRA during that year had missed its revenue target.  However, in 2021, LRA managed to redeem its performance by meeting and exceeding their target by 13 percent, noting that such performance was highly commendable given the impact that COVID – 19 had on the economy in Lesotho and globally.
He mentioned that the LRA’s combined annual revenue target for the 2021/2022 financial year was M6 643.99 billion, which indicates a growth of 18.5 percent from the previous financial year’s target.
He therefore commended LRA for a sterling performance recorded over the years, saying It is a laudable effort, noting that it was not easy due to the ailing economic environment that is still on the path of recovery.
He said LRA cannot be successful in its work without the cooperation of the tax paying community, adding that Tax remains the main source of government revenue hence it is important that we all contribute our fair share of taxes.
“This financial year, 2022/2023, a combined revenue target that LRA has been directed to collect is over 8 billion Maloti. I have no doubt in my mind that this target is achievable given the track record and the strategies that have been developed and employed,’’ he stressed.
Also speaking, the Chairperson of the LRA Board, Mr. Robert Likhang said the LRA Board is proud to report  to Basotho that once again, the Lesotho Revenue Authority has defied the odds and not only met but surpassed its target with a surplus of M 638 million.
Mr. Likhang stressed that the good revenue performance reflects improving macro-economic environment because of relaxation of Covid-19 containment measures, and sustained implementation of enhanced compliance efforts by the Authority.
He noted that during the period under review, LRA implemented several revenue enhancement initiatives that enabled the Authority to enhance revenue collection.
He therefore  expressed gratitude to the stakeholders, Clients and partners, for their trust and continued support, noting that resilience and adaptation on the part of stakeholders and taxpayers during the global economic crises brought about by the COVID-19 pandemic has been noticeable.
LRA has exceeded their revenue target for two consecutive years.
By Staff Reporter; ‘Maphoka Likotsi