Fertiliser distribution on course - Nyimba Investments

I bring US$1 mil- lion in the econ- omy, how much do I take out in 12 months if the exchange performance of rate has gone up? If capital markets in the I did not hedge then I last nine months has would have lost out. gone down due to the So there are all these current macro-econom- NYIMBA Investments factors is expected affecting to complete the ic environment total deliveries which of fertiliser performance. countrywide in the has affected next two the weeks. ex- change and Nyimba the inflation Head-Sales and Marketing, Willings

mance has gone down, Mulendema, said the ffirm was contracted to rates. obviously it is reflective supply 32, 550 metric tonnes of fertilizer.

of market activities be- This, he explained, comprised 21,028tonnes of

cause capital markets do Compound D fertiliser and 11, 522tonnes of urea countrywide. not operate in a vacuum.

Mr Mulendema stressed "If that I bring Nyimba US$1 was mil- scheduled to complete lion the delivery in the of economy, all the required quantities by how the end much of July. do I He take said out this at the weekend when in 12 he months paid a courtesy if the ex- call on Copperbelt Permanent change rate Secretary, has gone Bright up? Nundwe. If I did not hedge then I

“On our part we are would expected have to complete lost out. the So total deliveries in the there next two are weeks. all these We have fac- all the quantities for the tors entire affecting country the in our perfor- main hub in Lusaka and mance," for the Mr Copperbelt Chitalu we said. are certain that we will complete Stanbic in Bank the next Zambia two weeks. Timely delivery Regional is our key Debt strategy,” Capital Mr Mulendema said.

Markets Manager, Pas- In response, Mr Nundwe, said he was

cal Mwila, stressed that impressed that Nyimba started distributing the

a healthy and function- inputs way ahead of the farming season.

ing capital market was He also said presidential directive was that

indicative of the perfor- the Copperbelt province should not continuously

mance of the economy. depend on mining as its economic engine drive.

Mr Mwila said it was Mr Nundwe said that had since directed that agriculture should be imperative included on board to have as a minerals were a diminishing robust resource. capital market,

He said that the province enough has for been the the index largest to contributor to the country’s be used Gross as Domestic a barometer Product (GDP) for years for even the economy. though the main stay has been mining activities. "In my mind, if you

And Masaiti District have Commissioner, a healthy Patrick and func- Zulu, thanked President tioning Lungu capital and Agriculture markets, minister Michael Katambo it becomes for ensuring another that indi- farming inputs for the cator, 2020/21 another farming season barome- were district early. ter for the economy," he

Mr Zulu said with the said. good rainfall pattern that the area received, he was confident that Masaiti would contribute to the country’s bumper harvest.

THOSE that are involved or have involved themselves in imports activity of goods have nization. We have seen some obviously mirrors heard the of Advance balance Income Tax business premises such as (AIT). between This is what what people indi- are greeted with Monchachos outlet at the viduals, as they receive businesses, an assessment and of their Cosmopolitan Mall on Kaf- governments imports and then buy the and hustle what to have it ue Road in Lusaka putting they dropped sell. from the assessment begins. This up a notice that encourages push Most for people the AIT to every be dropped day bility in most to demand for receipts receipt should white have book. the fol- The submitted all customers refund to requests demand go for buy cases groceries result into and some other delay ba- in remains clearing largely on the citi- lowing contents; through the name a process a of receipt assessment and in to verify case the they sic the needs imported that goods are required at the borders, zenry. thereby, and address of correctness the busi- of the receipt request. is not issued; the cli- to increasing run homes, the dwell businesses time at the border. Demanding for receipts ness; Taxpayer Identification Those that are ent in business should they see the can Manager claim and Remember support ZRA’s life in one general. of its principle helps the government and Number ( TPIN); it description back through the of submission the outlet of and annual demand However, responsibilities most is of to us facilitate do not international the tax authority to collect of supply (goods returns or services for the charge a whooping year in which K 1, the 000 AIT cash. demand trade and receipts the essence for of what trade facilitation the correct is to taxes on behalf of being supplied), was paid. quantity The return This should is so commendable be accompanied by we ensure have goods purchased move between nor countries the Zambian quickly people. Its only and unit price by of the supplies; following documents; the business Customs owners and as this properly and smoothly. check Therefore, the contents it’s not the through desire the receipts that tax rate chargeable Excise and Declaration total brings (Form about CE 20), accountability Customs of what ZRA for we people are given to spend as a re- more monies time at the paid in taxes would value of the transaction. assessment notice and on improves which the compliance. AIT was ceipt. border Statistics for whatever have reason. shown Today’s be accounted article will for and remit- The advantages charged of issu- and ASYCUDA It is generated important receipt for every on that highlight very what few importers people bother can do to ted avoid to the being government. With- ing receipts to which a business payment was business made. to In this also case understand the AIT to charged demand AIT for which and is check currently the at out 15%. a receipt being obtained, are vast and among is treated them as is an advance that failure tax paid to already issue a if re- receipts. To begin with, AIT is a tax withheld a business in respect can manipulate improved compliance the attachments and are ceipt not or availed tax invoice to support is a very the of Despite imported the goods law for requiring commercial the purposes. entire sales AIT transaction is a tax withheld in respect of imported goods for commercial purposes. refund.

reduction in pilferage by serious offence that would that Commercial businesses goods especially are goods whose and value evade taxes. employees. The For business taxpayers on attract Turnover huge Tax fines. the AIT No claim busi- those exceeds registered US$2, 000. for Why Value was this tax As citizens, when Number we (TPIN) fail they the need much-needed to login to their resources on is health tied to just the to Tax mention Clearance a few. Certificate also avoids validity penalties is paid arising through the ness Turnover would Tax love Remittance to risk and Added introduced? Tax This ( VAT) tax must was introduced al- to demand in an effort for TaxOnline a receipt af- and apply for a Tax Clearance

required by the government It is important that as a from non-issuance of re- get penalized with a huge

period hence the need to be compliant all the card for month 12 (December tax return) by ways to capture issue unregistered fiscal receipts business ter importers purchasing Certificate goods (TCC) or for the tax to be removed.

to be used in various eco- consumer we do not only ceipts from the tax authority. amount on a simple mistake

time. attaching copies of the following documents; after who make every commercial business transac- imports, thereby services, then Those we fail without our a TPIN nomic need development to first apply activi- for demand a receipt but also The culture of receipt issu- either with intent to defraud

Is there remedy for a taxpayer who has Customs and Excise Declaration (Form CE 20), tion, broadening the compliance the tax base level and is to enhance country tax and ourselves. a TPIN then We login ties to TaxOnline and programmes and apply such check if everything on that ance has to be internalized the state of the tax revenue

paid AIT because he/she wasn’t able to have Customs assessment notice on which the AIT still compliance very low. for The registered responsi- taxpayers. ultimately Goods deprive for a ourselves TCC. Immediately a TCC is issued the

as infrastructure, education, receipt is in order because a by every business and orga- or purely out of negligence.

it dropped immediately? Yes there is. For was charged and ASYCUDA generated receipt for commercial purposes include; goods for AIT drops automatically on the Customs individuals not in business but have suffered on which payment was made. resale, for provision of services or for use in side. The interface between Taxonline and AIT all they need to do is to submit an annual Just like in any situation trying to correct businesses. Advance Income Tax is computed ASYCUDA systems has provided for automatic Income Tax Return at the end of the charge something is always time consuming and at the point of entry at the rate of 15% of the configurations for all AIT waivers with effect year accompanied by copies of the following: similarly reclaiming AIT is time consuming Value for Duty Purposes (VDP) of the imported from 1st January, 2017. Therefore, all AIT Customs and Excise Declaration (Form CE 20), since taxpayers have to wait until the end of goods and it is not the final tax. configurations are no longer done manually Customs assessment notice on which the AIT the year to claim it. Therefore, the best option

A removal of this tax is granted to taxpayers but are activated once the taxpayer has a was charged and ASYCUDA generated receipt is to avoid being charged AIT in the first place who are compliant with submission of returns valid Tax Clearance Certificate (TCC) obtained on which payment was made. For motor so that the resources can be used for other and payments of all tax types that they are either manually or electronically from TaxOnline vehicles, taxpayers need to show evidence that business transactions. So to avoid being registered for. For individuals who are not in system. Note that the AIT waiver configuration they are the owner by producing copies of a charged AIT, be tax compliant all the time. business but have a Taxpayer Identification