The Zambia Revenue Authority -ZRA- collected 39.2 billion Kwacha in revenue, between January and December 2017.
This is 1.5 billion Kwacha above the parliamentary target.
ZRA board chairman CHILESHE KAPWEPWE disclosed this when she officially handed over the ZRA annual report to Minister of Finance MARGARET MWANAKATWE in Lusaka yesterday.
Ms KAPWEPWE has attributed the positive performance during the year to the continuous and heightened engagements with tax payers to ensure voluntarily compliance.
She said in addition, the relative improvement in inflation, electricity supply, the price of copper on the international market among others also contributed to the sustained revenue performance in 2017.
Ms KAPWEPWE said ZRA has embarked on several strategies to improve its tax collection and has learnt a lot of lessons on the way to improve tax collection.
She said the authority is largely focusing on leveraging technology and has been using electronic fiscal devices to increase its coverage.
Ms KAPWEPWE also called on government to help in the quick implementation of the national financial switch to help address the high transaction cost associated with payment formalities.
And Mrs MWANAKATWE congratulated ZRA for surpassing the parliamentary target.
She has further encouraged the authority to encourage tax compliance among Zambians.
Speaking at the event Mrs MWANAKATWE said government will continue supporting ZRA as it is key to Zambia’s economic performance.
To put this whole story in context, ZRA collected US$3.9 billion the whole of year of 2017.
The combined Eurobond debt for Zambia is US$3 billion. If we were to have paid the whole debt, the change is a mere US$0.9 million.
Mayweather was paid US$0.3 million purse money for his fight with Pacquino. Two more fights would swallow the entire change!!!!!!
This shows how small your economy in Zambia. It is mere purse money for a few boxers and street investors involved in Eurobond investments
Huge thanks to EL and hat off to one FM.
EL= Edgar Lungu
FM= Felix Mutati.
FM made ZRA begin to see the bigger picture.
EL made ZRA sought out the mess and to start working
Great news.
Thanks
BB2014,2016
Why do musicians (Macky2, Slap D, Chef187 ,Roberto, Mampi and you name it), footballers , actors and comedians do not pay tax in Zambia despite them being registered with appropriate bodies ? ZRA should look into this issue just like “Uncle Sam” in the USA does with tax invaders.Wake up and smell the coffee. You need to broaden the tax base.
Dept of HaNEgatives Ha-it Hagain! Let ’em work!
This is LESS than what i make in one lusaka ndola double tobela road, so not impressive and look who is TALKING, the 2021 PF presidential candidate after ECL looses his eligibilitycase
ZRA always beats set parliamentary budget. I am never sure whether to congratulate them or suspect that they deliberately set beatable targets.
Meanwhile the AG’s Report from the same year is nowhere to be seen!!
So we only collect a paltry US$4bn in revenue in a whole year. Very soon this revenue will equal debt servicing. Unless we do things very differently we are heading for disaster
So we only collect a paltry US$4bn in revenue in a whole year. Very soon this revenue will equal debt servicing. Unless we do things very differently we are heading for disaster
So we only collect a paltry US$4bn in revenue in a whole year. Very soon this revenue will equal debt servicing. Unless we do things very differently we are heading for disaster
So we only collect a paltry US$4bn in revenue in a whole year. Very soon this revenue will equal debt servicing. Unless we do things very differently we are heading for disaster
And the government has spent it all on the purchase of fire tenders, ambulances, dubious inyatsi road deals etc etc.
But kwena my country is pathetically poor…..less than 4billion dollars!!! the whole year. This is the news that will make real investors never even think about Zambia only the crooked Chinese.
So what makes us think that First Quantum owes ZRA double the amount? That FQM figure doe not make sense then.
She said in addition, the relative improvement in inflation, electricity supply, the price of copper on the international market among others also contributed to the sustained revenue performance in 2017.
Improvement in inflation (that is the fall in inflation) does not lead to higher tax receipts, because the opposite is the case. Higher inflation leads to a depreciation of the exchange rate which translates into higher Kwacha values, hence the higher tax receipts ( eg import VAT)