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{
    "id": 1204229,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1204229/?format=api",
    "text_counter": 80,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Next year, we will bring it further down so that by the third year, we have a recurrent budget surplus. This we must do because it is the right thing for us to do. On the revenue side, I am committed and determined to ensure that our tax system is responsive to the needs of the economy. It must be equitable, efficient and customer friendly. The economic principle of equitable taxation requires that the tax burden reflects ability to pay. This is best achieved by a hierarchy that taxes wealth, consumption, incomes, and lastly, trade, in that order of preference, so that those who are wealthy and have the capacity to pay should pay more and those at the bottom of the pyramid should pay what is proportional. This is best achieved by our tax regime that is different from our current tax system, which falls way far short of this. We are overtaxing trade and under-taxing wealth. We will be proposing tax measures that begin to move us in the right direction. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}