The Zambia Revenue Authority (ZRA) has called on bank account holders to ignore false reports that it intends to deduct money from their accounts once they register for the Taxpayer Identification Number (TPIN).
Speaking on Radio Musi O Tunya’s Atwaambe program, ZRA assistant Tax Inspector, Bertrand Sichimwi says anyone suspecting deductions as a result of the TPIN registration from their accounts will be reimbursed.
Mr. Sichimwi has further encouraged account holders to desist from hoarding money in their homes for fear of their money being taxed.
He says hoarding money was against the law, adding that it is also a security risk.
Mr. Sichimwi says government merely introduced the TPIN to increase the tax base towards national development.
But the opposition United Party for National Development (UPND) has alleged that the introduction of Tax Payer Identification Number (TPIN) by the ZRA will make investing and the economy in Zambia difficult.
Speaking with radio Musiotunya News, Livingstone’s UPND chairman for politics, Lutangu Fwanyanga says the introduction of the TPIN is likely to affect foreign investment.
He reiterated that the move will prompt foreign investors shift their money into offshore accounts owing to the monitoring and charge per transaction system affected by government.
Mr. Fwanyanga has further alleged that the introduction of the TPIN will cause money hoarding, thereby causing economic constraints as commodity prices will increase.
Mr Fwanyanga has since urged the authority to think through the negative effects of the TPIN and its impact to Zambia’s already ‘struggling’ economy, stressing that the monitoring mechanism has not been properly understood by citizens.
TPIN is now a pre-requisite to all procedures of tax registration under Domestic Taxes and Customs Division and it is by law for every citizen with a bank account to have a TPIN.