The Zambia Revenue Authority has assured the public that the requirement by all bank account holders to submit their Taxpayer Identification Numbers (TPINs) will not in any way lead to deductions in their bank accounts.
Under the Income Tax Act Chapter 323 of the Laws of Zambia, Section 45B, it is a legal requirement that every Bank Account Holder should have a Tax Payer Identification Number (TPIN).
Government last year, made it mandatory for financial institutions registered under the Banking and Financial Services Act to require all bank account holders to obtain a Taxpayer Identification Number from ZRA.
A TPIN is a unique identification number that is useful to enable anyone deal with ZRA.
The assurance comes in light of some sections of the public expressing concern over the requirement.
“ZRA would like to assure every Zambian that no amount of money will be deducted from their account on the basis of having a TPIN,” ZRA Spokesman Topsy Sikalinda has said.
“Allegations that ZRA is arbitrarily taxing bank accounts are false and must be dispelled with contempt it deserves. ZRA is an organization that has high levels of professionalism guided by fundamental values that include Integrity, Equity, Fairness, and Courtesy among others,” he said.