Government has extended the period for the ‘Time to PAY ‘ agreement to allow companies and individuals clear their premiums with the Zambia Revenue Authority -ZRA.
The initial deadline was December 31st 2017 but will now end in June 2018.
The ‘Time To Pay’ was initiated in April this year together with the Tax Amnesty which expired two days ago.
Minister of Finance Felix Mutati says the extension is meant to allow the private sector and individuals to breathe and give them enough time to clear their books with ZRA.
Speaking at a pre-budget breakfast meeting in Kitwe yesterday morning, Mr. Mutati said government cannot squeeze the private sector because they contribute the much-needed tax.
Earlier, Chingola Chamber of Commerce and Industry Coordinator Roster Chalwe pleaded with the minister that the Time to Pay be extended up to the end of 2019.
Mrs. Chalwe said the local Small and Medium Enterprises -SMEs have many challenges and they need enough time to pay.
She added that government must consider giving SMEs a two-year tax holiday so that they build capacity the way foreign investors are given tax holidays in Zambia.
Meanwhile, Mufulira Chamber of Commerce and Industry Vice President Lackson Ndhlovu submitted that the threshold for local companies to subcontracted must be increased from the current 20 percent to 30 percent.
And Kitwe Chamber of Commerce and Industry Past President Berry Mwango suggested that maritime transportation on the Kafue river be initiated since water is available throughout the year.
Mr. Mwango says bulk goods between Chililabombwe and Lusaka can be transported on the Kafue river to free up the roads which are being damaged by heavy trucks.