ZRA VOWS TO COLLECT TAX
By Mwila Nsofu:
Zambia Revenue Authority-ZRA- has vowed to collect Taxes highlighted in the Financial Intelligence Centre, report, once the Report is handed to them.
But, ZRA Corporate Communications Manager Topsy Sikalinda says to carry out its mandate the Authority is yet to receive the report from FIC.
Mr. Sikalinda says the authority is mandated to collect taxes and will await the fine details of the report to ensure it collects the required taxes if they are collectable.
Mr. Sikalinda said this in an interview.
The recent revelations by the Financial Intelligence Centre (FIC) revealed that an estimated loss of revenue amounting to 1 billion was lost through tax evasion and possible violations under the Income Tax Act chapter 323 and Customs and Excise Act chapter 322.
The report also highlights that “tax evasion schemes involved individuals or corporation misrepresenting their income to the Zambia Revenue Authority (ZRA).
Many of the cases analyzed on suspected tax evasion involved small and medium enterprises (SMEs) which are mostly entities either not registered for tax purposes or were not tax compliant.