Africa-Press – Zambia. The Zambia Revenue Authority -ZRA- has increased Value Added Tax (VAT) refunds to business by over 4 billion Kwacha from 12 billion Kwacha paid out last year to 16.2 billion Kwacha this year.
ZRA Commissioner General Dingani Banda says the increase is aimed at ensuring cash flow in businesses. He says the tax refunds are projected to rekindle microeconomic activity and also build good will among tax payers.
Speaking in Chipata during the budget symposium, Banda also revealed that the authority is targeting to collect 107.3 billion Kwacha gross revenue. Meanwhile, he said only 27 out of over 2,000 tax payers in Eastern Province have applied for tax amnesty.
This follows the announcement by Finance and National Planning Minister Situmbeko Musokotwane in the 2023 National budget. He said the tax amnesty which started on 1st October, 2022 will run up to 31st March, 2023 and targets to collect over 280 million Kwacha from Eastern Province.
Banda explained that the amnesty is meant to help businesses and individuals normalize their tax records and ensure that they are tax compliant. He said the authority is not keen on closing businesses and therefore companies should comply and fulfil their tax obligations. Banda further said the authority has also seen a reduction in the compliance to tax obligations which is being addressed through awareness campaigns.
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