The 2024 budget brings forward a series of housekeeping measures aimed at streamlining fiscal operations and enhancing compliance across various sectors. These measures, outlined below, are designed to ensure the efficient collection of Mineral Royalty and the modernization of fiscal devices:
1. Appointment of Mineral Royalty Withholding Agents
One of the noteworthy measures in the 2024 budget is the provision for the appointment of Mineral Royalty Withholding Agents. This initiative aims to introduce a specific provision under the Mines and Minerals Development Act, granting authority to the Commissioner General to designate agents responsible for the collection of Mineral Royalty. This complements the existing appointments of Mineral Royalty Agents under the Income Tax Act, which pertain to agents for tax payment purposes. The primary goal is to enhance compliance with Mineral Royalty payments, particularly within artisanal and small-scale mining operations.
2. Transition from Electronic Fiscal Devices (EFDs) to Electronic Invoicing Systems (EIS)
Another key measure entails replacing the definition of electronic fiscal devices (EFDs) with the broader concept of electronic invoicing systems (EIS). This change seeks to expand the scope of fiscalization to encompass all modes and systems that may be prescribed by the Commissioner General. The previous definition of EFDs was limited to physical devices, and this update ensures that modern invoicing methods, including electronic ones, are appropriately accounted for within the tax framework.
3. Exemption from Mandatory Use of Electronic Invoicing Systems
To accommodate various business realities, the 2024 budget includes a measure to provide exemptions from the mandatory use of electronic invoicing systems. This exemption is intended for certain entities whose business nature or specific circumstances may not necessitate the compulsory adoption of electronic invoicing systems. The aim is to offer flexibility within the fiscal regulations while maintaining the integrity of the tax collection process.
These housekeeping measures underscore the government’s commitment to fiscal efficiency and compliance across multiple sectors of the economy. By introducing these adjustments to the legislative framework, the 2024 budget strives to create an environment that is not only conducive to revenue collection but also responsive to the evolving landscape of business practices.
As these measures are implemented, the Ministry of Information and Media remains dedicated to providing clear and transparent communication to the public, ensuring that stakeholders are well-informed about the changes and their implications.
Don’t take us for f00ls. You have failed to bring down price of our staple food and here you are talking about irrelevant poo poo
kikiki tax net broadens and long over due considering the tax fraud that exists here
If you spend days explaining what you have done then you have done then….if you do something you shut up the thing you have done speaks for itself
I listened to the budget and do remember very well Musokotwane saying tax holidays for mines continues and he added to these holidays for white people in Multi-facility Zones. So which tax are you talking about? The only tax in Zambia is what you are taxing Zambians.
Frankly, the budget was flat and was rather meaningless. Zambia needs radical policies to transform the story.
I was expecting a budget injecting money into rural development projects. Is there any concern for infra-structure by this new dawn?
Common man is now paying the price, common man now is a sacrificial lamb. Common man is now paying through fuel and expensive mealie meal at the expense of the rich.Today we are told why we drive big cars before that we were told that fuel will be cheap, now we shouldn’t drive big cars. This is now very confusing.