INTENT ON TAX RELIEF

The stability of the ments Standard Operating exchange and inflation Procedures per Sector that rates is key to the per- preserve health and safety formance of the capital of workers and customers in markets, says Securities the context of Covid-1919 as Exchange Commission restrictions are being lifted," (SEC) Chief Executive Of- the report said. ficer, Phillip Chitalu.

The report recommended Mr Chitalu explained the provision of credit guar- that long term invest- pensioners, and it is there in the statement I antee schemes to support

ments were of concern presented to parliament.

MSMEs access to financial for most investors due to The breakdown is there where we are giving flow pressure caused by Covid-19.

resources by Government the current high inflation preference,” he said. Government has issued He explained that ZRA had continued to

and its Cooperating Part- rate as capital was erod- a K8 billion Covid-19 bond whose proceeds provide that relief, understanding the current

ners. ed within a short period will go towards needy areas, including Covid-19 situation.

It said this should to be of time. payment of retirees, contractors and suppliers, “The position of Government is very clear,

supplemented with the sup- Capital markets, he ex- Dr Ng’andu said Government had put in which have been hit by reduced liquidity due our minister made a statement instructing

port to look of at commercial each case of banks. merit and ensure plained, did not operate place ZRA a Commissioner plan to dismantle General, its profiled Kingsley arrears. to the pandemic. ZRA

According is not to strangled the report, as a result of in a vacuum and there- Chanda, “Off course said his the organisation plan is in place. was signing Everybody The State intends to dismantle arrears to 1, that business

TPAs knows with that some we have taxpayers arrears of so between what change we six have and after the 500 pandemic," retirees to the tune models of K500 should million be while fully ex- Covid-19. private “Taxpayer lending, that inclusive have approached fi- fore, it got affected by the 12 done months. is that we have profile the arrears the report that we said. also releasing K170 plored, million to before banks for considering the us with nance specific and requests online. of banking some kind of relief macro-economic funda- have Mr Chanda and we are explained paying that off. taxpayers The implementer The were report payment encouraged of third party layoffs arrears and and salary K140 cuts," million the where among applicable, others, according could to our also laws, we mentals such as inflation allowed knows how to pay far their we have taxes gone in instalments in paying enterprises out to towards streamline various contractors. report said. have provide granted,” timely Mr Chanda financial said. sup- and the exchange rates. through because the I do signed not sit TPAs. there every day businesses to see and reduce Last week, costs former Finance It further Minister, stressed the Mr port Chanda for SMEs. said his organisation was giving He was speaking re- who “We has do been have paid. a couple of taxpayers rapidly. that are It indicated Katele Kalumba that en- urged need Government for enterprises to give to have taxpayers "Development who had approached of new ZRA payments cently during the Stanbic on “My TPAs job and is to they make have sure been the paying resources terprises according are should preference take timely to institutions a sound that risk would management reinvest to terms. financial “We are not products giving tax in waivers the per say, Bank Zambia-Anakazi to available what we and agreed. then they “Normally start implementing this ranges measures from to the preserve money cash to enhance prepare liquidity to in cushion the economy. the ad- what medium we are giving and are long-term, maybe payments it terms Banking Online Conver- six them,” to 12 Dr months Ng’andu but said certainly in an not interview. beyond flow when 12 confronted Dr Kalumba with said verse this move effects was of one future of the emer- where is there necessary are penalties to consider and interests in- we are sation episode 8. months Recently, unless the our Zambia taxpayer Revenue continues Authority sudden to be in crises. sure ways the economy could survive. waiving and by the way penalties and interest

gencies. novative financial products, "For the last 10 years, distress,” (ZRA) indicated he said that in an over interview. K6 billion had "For so enterprises far “We would have some positive foreign in not revenue.

suffering The report said this was so as to provide more diver- the performance of cap- been Mr Chanda paid out however to dismantle clarified Value that Added linkages in terms of those people owed the “Those are penal provisions in our Act as from signing heavy Tax losses, down measures with a client and look at their

because the pandemic cash flow had sified financing channels ital markets has been TPAs (VAT). was a not a normal form of business money reinvesting back into economy. a result of wrong doing on the part of the

such as telecommunica- and decide that they highlighted pay their due the taxes importance in for MSMEs, as well as help- superior. But we have for Dr ZRA. Ng’andu He stressed said Government that these were was given aware of “Let us look at strategic areas where if importer, so they are not even profiled in our

tion, employee instalments,” time-sharing Mr Chanda of risk said. management. ing them finance in more noticed that in the last in the special importance cases of due meeting to various its obligation reasons such we dismantle these arrears, they are able targets, so those according to the law, the

and stimulating Mr employees’ Chanda also said "Furthermore, ZRA was grating there is the effective ways and at lower nine months, the perfor- especially as paying when out arrears. taxpayers face cash flow to reinvest money into the economy into the Commissioner General has authority to waive

creativity for tax new relief business through the need measures to apply which the were Govern- costs," the report indicated. challenges. “There is an allocation for dismantling country and add value. It would be better for depending on the mitigation that taxpayers

announced by the Finance Minister, Bwalya of “So arrears, in those there peculiar is also cases, an allocation we do for sit the economy to pick up,” he said. provided,” he said.

Ng’andu, where applicable to cushion cash

should actively study and capture changes in market demand and take actions prompt- ly to reduce negative im- pact caused by the current Covid-19.