DEPUTY Minister of Commerce, Trade and Industry Miles Sampa has called on the Zambia Revenue Authority (ZRA) not to misinterpret Statutory Instrument No. 55 and release trucks marooned at Kazungula border post.
Mr Sampa said it is unfortunate that some business operators who imported their goods on credit are stuck at border posts.
“People should not misinterpret SI55… it is not meant to disrupt business operations in the country,” he said.
He called on ZRA to release the trucks to allow business operators to sell their goods and pay the charges later at the revenue office.
According to Bank of Zambia (BoZ), the implementation of SI55 is expected to increase revenue, enhance foreign reserves, enhance balance of payment (BoP) statistics and financial inclusion.
Other benefits include promoting good corporate governance, payment of dividends, royalties and management fees and enhancing transparency in the governance of firms and improve tax compliance.
SI 55 will enable the BoZ to collect quality and credible statistics that will inform Government policy interventions better.
It is further expected that the SI will address Government concerns on money laundering and the perceived large scale capital flight from the country.
The implementing institutions for SI55 are the BoZ, Zambia Development Agency (ZDA), Zambia Revenue Authority (ZRA) and the financial sector providers.
Any amounts received into Zambia from abroad, whether gratuitous or not will be monitored.
Recently, BoZ bank supervision director Nobert Mumba said importers of goods must bring back the money into their account within 120 days of transaction.
Mr Mumba said transactions above US$5,000 but less than US$20,000 must be remitted via electronic funds transfer and $20,000 but less than $200,000 remitted via electronic funds transfer upon completion of forms while payment from US$200,000 and above must be supported by a letter of credit for export transactions.
Commercial banks will then submit returns to the BoZ, in relation to all remittances of foreign exchange into and out of the country, all withdrawals by debit or credit card in foreign currency and any transfers abroad from a foreign currency account in Zambia.
Anyone who contravenes the regulation is liable upon conviction to a fine not exceeding 100,000 penalty units or imprisonment for a period not exceeding 10 years or both.
why do you then introduce things and never think of upgrading the skills of people who are expected to implement them on the ground? It is all your faulty you and your gvmt.
That Sampa is back again?
Life was better off without him for the past 1 month.
#Muntwe, thats pf for U……
Now this is a pure case of “Big Brother” watching everything. Honestly, this will promote unbanked transactions, cash smuggling etc and at the end of the day, govt will lose revenue from the evasive taxable transactions!
The next govt will have a huge pile of garbage to mop up after these barbarians are done scavenging.
It is miles who does not understand ,let professionals at ZRA handle the matter.
Who’s trucks are they?
good question… and whats miles` interest in the trucks
I thinks its ordinary trucks carrying goods from SA, Zim & Bots
What is lucking currently in zra is a proffessional and innovative pro active management. What is there now are text books proffessionals. Check out what is happening to day, all clearing agents have been suspended from operation for one reason or the other. They are still trying to achieve 1+1=2 . Then how will they achieve the set revenue targets and other aspect of their work. If Government is going to succeed in this si55 they should consider changing zra management.
If there is one government organ with highly qualified personnel its ZRA…..in fact too many at masters level seconded by BOZ….problem I agree its “innovative pro-active management” you correctly quote…. Pride and corruption is killing educated Zedians to add on top luck of broader insight looking at things at national level and this can be achieved I think by internal/external management motivational continuous training of not only management but everyone else. Education is not once off thing it should be continuous learning process irrespective of how many degrees one possess
The government should consider revisiting the SI55 as this will affect the small and upcoming importers.The government should as well increase the threshold to $50,000.00The idea may seem bad and may affect the flow of business and imports will be affected.Let the government impose this to big importers.
SI 55 = waste of time and money. Only good for Hon. Sampa ego.
Thought ZRA is supposed to be run by professionals and not cadres.
Interpreting SI55 shouldn’t be such a complicated matter.
Where is more money in the Pockets with such policies?? This is a lazy Government that thinks increase of Revenue can only come through high taxes?? The government through much more Innovative, methods can still raise much more revenue, create jobs and stop troubling its citizens with such clauses. ZRA employees abuse the system and can hold any Goods because they are corrupt and want to make there share. ZRA is the heart of Zambian corruption. There are countries with no much resource and are tax Free. Wake up Zambia and know that Tax is not the only way you can make your Government REVENUE. Taxes kill development.
For Miles to talk after a self imposed exile means he has interest in some of those truck. Some foreign Co Share holder must have said “Hey Miles, what’s up man? The products are rotting at Chirundu, do something with that wretched ZRA like yesterday man or you lose your cut!”
ya lubana, pleas explain chisungu slowly, so 5 pin dolla I must report ?
“What we’ve got here is (a) failure to communicate”
Who is to blame if your policy has been misinterpreted? Miles Sampa just likes reading about himself in the papers – are you now a president for Truckers Union of Zambia.
The amount of paperwork arising from SI 55 is staggering. Incredible, how the rest of the world is going for paperless transactions, we are increasing the same. Typical 3rd world way of doing things. The cost for paper and the effort in generating it confounds the mind. But hey, who cares?
It creates employment, more money in the bankers pokets, justifies existance of failed bank forex clerks…..
Ba miles this is ‘too close’ to call.hehe