Zambeef has announced that it has agreed to pay over K14 million in an effort to put to and end a long dragging tax dispute with the Zambia Revenue Authority.
This follows the ZRA’s decision to appeal the judgement by the Tax Appeals Tribunal, which ruled in favour of Zambeef’s appeal against a K49.15 million assessments.
The Agreement provides that Zambeef will pay the ZRA a total of K14.4 million in six equal monthly instalments beginning 30 April 2016.
Approximately K2m of the K14.4m is recoverable Value Added Tax.
As long as Zambeef’s adheres to this payment schedule, interest and penalties totalling K3.1 million will be waived.
Zambeef Joint Chief Executive Officer, Carl Irwin said “I am delighted that we have now concluded this long standing issue and that we can now put this matter behind us.
This Agreement will also allow us to reverse approximately K33.6m provision back into our profits.