ZRA INTENT ON TAX RELIEF MINING INDUSTRY WANTS $1BN VAT REFUND

The stability of the ments Standard Operating exchange and inflation Procedures per Sector that rates is key to the per- should preserve health and safety Bongohive is a technology and innovative hub

formance of the capital actively study and which evolves to assist scalable start-ups by

of workers and customers in markets, says Securities

enhancing skills, accelerating growth, providing a capture changes the context of Covid-1919 as Exchange Commission

forum for ideas exchange and reducing the barriers in market demand restrictions are being lifted," (SEC) Chief Executive Of-

to entrepreneurship. and take actions prompt- the report said. ficer, Phillip Chitalu.

Mr Lindunda explained that large firms should ly to reduce negative im- The report recommended Mr Chitalu explained

view partnerships with start-ups as an opportunity to pact caused by the current the provision of credit guar- that long penetrate term into invest- new markets. Covid-19. pensioners, and it is there in the statement I antee schemes to support

ments were He was of concern speaking during the Stanbic Bank This is according to a sur- presented to parliament. MSMEs access to financial

for most Zambia investors Anakazi due Banking to online conversation The breakdown is there where we are giving flow pressure caused by Covid-19. vey report on the impact of resources by Government the current which high discussed inflation how businesses can tap into local Covid-19 on Small has and profiled Me- all arrears preference,” he said. Government has issued He explained that ZRA had continued to

Mr and Chilembo that its relief, Cooperating stressed understanding that it was Part- the critical current that rate as capital capabilities. was erod- dium and Zambia Enterprises dismantling Revenue (SMEs) them Authority with in preference (ZRA) is a K8 billion Covid-19 bond whose proceeds provide

the Covid-19 amount ners. situation. was settled, indicating that these ed within “Once a short you period see startups growing and gaining Zambia. currently to sectors granting with high tax economic relief to qualified returns, will go towards needy areas, including

were “The Zambian It position said businesses this of Government should that to had is be very fulfilled clear, of time. momentum in the industry, as a corporate you GOVERNMENT taxpayers Finance Minister, of up should to Bwalya 12 months settle Ng’andu, the through over has US$1 Tax said. payment of retirees, contractors and suppliers,

According to the report, their our minister supplemented end of the made bargain, a statement with and the now instructing sup- desperately Capital should markets, see that he ex- as an opportunity. If you can partner billion Time Dr Ng’andu to owed Pay to Agreements said the mining Government (TPAs). industry had in put Value in which have been hit by reduced liquidity due enterprises should urgently port to look payment. of at commercial each case of banks. merit and ensure plained, with did them, not operate you can get into new markets. Added place ZRA a Tax Commissioner plan (VAT) to dismantle for companies General, its profiled Kingsley to raise arrears. to the pandemic. needed ZRA adapt to the new market de- According for the is not economic to strangled the recovery report, as a result to have of in a vacuum “A start-up and there- will be more agile and they are on the investment, Chanda, “Off course said improve his the organisation plan cash-flow is in place. was and signing Everybody intensify The State intends to dismantle arrears to 1, that He business said mand to reduce the negative change after the 500 pandemic," retirees to the tune models of K500 should million be while fully ex- the Covid-19. necessary private “Taxpayer lending, credibility, that inclusive the have Government approached fi- fore, it got ground affected and understand by the the context much better their TPAs knows investor with that some we risk have taxpayers profile. arrears of so between what we six have and impact by rapidly adjusting the report said. also releasing K170 plored, million to before banks for considering the must us with nance address specific and outstanding requests online. of liabilities banking some kind and of make relief macro-economic and that will funda- help in creating credibility as a big 12 done The months. is mining that we sector have is profile owed the at least arrears that we

corporate,” Mr Lindunda said.

US$1 their have Mr billion Chanda and The to report payment encouraged of third party layoffs arrears and and salary K140 cuts," million the provision where among applicable, for the others, payment according could of future to our also VAT laws, refunds. we mentals such as inflation manufacturing we as are explained unpaid paying refunds that off. plan taxpayers The continue implementer were

Mr Lindunda however encouraged start-ups to accumulate, and allowed knows sales how to strategy. pay far says their we Zambia have taxes gone Chamber in instalments in paying enterprises of Mines out to towards streamline various contractors. report said. have Mr provide granted,” Chilembo timely Mr indicated Chanda financial that said. it sup- was difficult and the exchange rates.

strive to grow to a point that they were credible (ZCM) through because For Chief instance, the I do signed Executive not sit the TPAs. there Officer, report every Sokwani day businesses to see and reduce Last week, costs former Finance It further Minister, stressed the to Mr see port Chanda how for external SMEs. said his budget organisation could be was made giving He was speaking re-

enough to provide a service to large corporates. Chilembo. said, who “We has some do been have companies paid. a couple of had taxpayers rapidly. that are It indicated Katele Kalumba that en- urged need Government for enterprises to give to have available taxpayers "Development with who these had approached remaining of unaddressed. new ZRA payments cently during the Stanbic

This, he said, would help to unlock their potential voluntarily on Even “My TPAs job prior and is shifted to they Covid-19, make have sure to been Mr man- the Chilembo paying resources terprises according said, are should preference take timely to institutions a sound that risk would management reinvest to terms. “A financial repayment “We are not products plan giving for historic tax in waivers refunds the per (which say, Bank Zambia-Anakazi

and value, thereby growing their businesses. He these ufacturing to available what accumulating we and agreed. Personal then they unpaid “Normally Protec- start debts implementing this made ranges measures it from to the preserve money cash to enhance prepare liquidity to in cushion the economy. the ad- could what we mean are offsetting giving are amounts maybe payments against future terms

medium and long-term, it Banking Online Conver-

also observed that Zambia’s hound population difficult tive six them,” to Equipment 12 for Dr months Ng’andu companies but (PPEs), said certainly to in raise ben- an not investment, interview. beyond flow when 12 confronted Dr Kalumba with said verse this move effects was of one future of the emer- tax where liabilities, there are amongst penalties other and options) interests and we are

is necessary to consider in- sation episode 8. a waiving guarantee and of by timely the way settlement penalties of and refunds interest provided an opportunity to unlock potential which needlessly efitting months Recently, unless both heightening the themselves our Zambia taxpayer their Revenue and investor continues Authority sudden risk to be in crises. sure ways the economy could survive.

gencies. going novative financial products, "For the could last transform 10 years, the country. profile, in not revenue. forward, would provide certainty and society. distress,” (ZRA) indicated eroded he said cash-flow that in an over interview. and K6 made billion financial had "For so enterprises far “We would have some positive foreign

suffering The report said this was so as to provide more diver- the performance Meanwhile, of cap- Mr Lindunda said Bongohive planning been linkages would in terms be directed of those at people reducing owed the the arrears dramatically “Those are ease penal the provisions cash-flow in pressures our Act as on "Others Mr Chanda paid an out have impossible however to dismantle been clarified exercise. speed- Value that Added from signing heavy Tax losses, funds down measures with a client and look at their because the pandemic cash flow had the private sector, and especially on many of

sified financing channels ital markets has created has 23 been partnerships with different large ing-up TPAs (VAT). Mr Chilembo was their a not business said a normal this during trans- form of the business launch of a owed money to reinvesting domestic suppliers back into of goods economy. and

and decide that they pay their due taxes in a result of wrong doing on the part of the such as telecommunica- highlighted the importance Zambia’s importer, for MSMEs, so miners,” they are he as not said. well even as profiled help- in our superior. corporates But we including have Facebook and Amazon, policy for Dr ZRA. Ng’andu brief He for stressed a said post-Covid-19 Government that these on were was the given aware Zambian of services. “Let us look at strategic areas where if formations to adapt to con- tion, employee instalments,” time-sharing Mr Chanda of risk said. management. For ing many them finance in more Mr noticed among that in others the meant last on leveraging on technology. economy so those Zambian according businesses, to the law, Chilembo the in the special importance dubbed cases of due “A meeting Road to various to its Recovery.” obligation reasons such we “No dismantle mention these was made arrears, of VAT they arrears, are able targets, sumer preferences and com- and stimulating Mr employees’ Chanda also said "Furthermore, ZRA was grating there is the emphasised, effective simply ways being and paid at lower the money nine months, Mr Lindunda the perfor- said such partnerships had helped especially as “Recognising paying when out arrears. the taxpayers seriousness face cash of the flow problem, however. to reinvest The money largest into the that economy has now into accrued the

tax relief through the measures sum which were Commissioner General has authority to waive the petition patterns that may creativity need It would to is apply VAT be refunds,” better the for Govern- owed depending to them on would the mitigation go a long that way taxpayers to ensuring for country new a period business and add of some value. years,

costs," the report indicated. his organisation to provide quality service and help challenges. “There President is an of allocation Zambia, Edgar for dismantling Chagwa Lungu, over announced by the Finance Minister, Bwalya

their provided,” continued he said. survival. customers with innovations. announced of “So arrears, in those there in June peculiar is that also part cases, an allocation of the we do Covid for sit bond he the said. economy to pick up,” he said.

Ng’andu, where applicable to cushion cash