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Alba Iulia
Tuesday, October 20, 2020

ZRA realises K6.4 trillion from taxes

Economy ZRA realises K6.4 trillion from taxes

THE Zambia Revenue Authority (ZRA) realised K6.4 trillion from various taxes with Pay-As-You Earn (PAYE) contributing K1.9 trillion.

The taxes that contributed to the ZRA revenue were that of Income Tax, Value-Added-Tax (VAT), Customs and Excise as well as Mineral Royalty Tax.

According to the estimates of revenue and expenditure for 2007, contributions from Income tax amounted to K2.9 trillion, of which K1.9 trillion was from PAYE.

ZRA raised over K1.7 trillion from VAT with import tax accounting for K1.2 trillion and K558.2 billion from domestic VAT.

The Yellow Book indicates that there was a reduction in the revenue collection from the estimated K2.05 trillion to K1.7 trillion.

Similarly, there was a reduction in the revenue collection of Customs and Excise duty from the estimated K1.5 trillion to K1.3 trillion.

However, revenue collection through mineral royalty tax were at K58.7 billion compared to the estimated K44.1 billion.

Income tax, other than mineral tax comprise, company tax PAYE, back duty, Individual tax, property transfer tax and various taxes under withholding
tax.

Government has proposed a budget of K12.04 trillion for 2007 of which K8.6 trillion will be domestically sourced while K3.3 trillion will be from external sources.

Other revenue sourced domestically, include fees, levies and other charges.

Daily-Mail

3 COMMENTS

  1. Good work by ZRA.My only concern is when was that revenue collected?From which date to when.Because that is just a blanket statement which has no meaning without time frame.

  2. In agreeing with Dr Chipulu’s sentiments, i also wish to lament that it’s common for Zambian journalists to report on stories without giving the reader any sort of context that allows meanginful interpretation their stories. What do those figures mean in relation to; past collection levels, public expenditure, GDP, etc.

    This standard of journalism is pretty boring and i hope that their bosses dont wonder why their newspaper sales are so low.

  3. they could do even better if giant companies like ZA paid their taxes. I am now wondering, which companies are next to be revealed regarding their non tax payments and who is next in the line of beneficiaries that hide this information.

Comments are closed.

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