Burundi domestic revenues up 30 pct in 2011

423

Burundi’s revenue collection rose 30 percent to 471 billion francs ($360 million) in 2011 from the previous year, thanks to improved tax collection technology and efforts to fight fiscal evasion, its revenue board said.

The new centralised revenue collection board (OBR) was set up in 2010 with the main goal of maximizing the tax base and to allow the landlocked central African country to cut its reliance on external budget support.

The finance ministry estimates that tax revenues will rise to 545.3 billion francs this year, Reuters reports.

The government predicts Burundi’s economy will grow 4.8 percent in 2012 after 4.2 percent expansion in 2011, depending on an improved business climate.

The International Monetary Fund also said on Feb. 3 it had approved a new $46.5 million three-year extended credit facility aimed at consolidating gains made in economic stability and to further reduce poverty.



It said it expected economic growth in the tea and coffee producing nation to accelerate to 6 percent in 2014.