Friday, February 23, 2024

ZRA Seizes $250,000 Cash and Launches Probes into Alleged Tax Evasion and Gemstone Operations

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The Zambia Revenue Authority (ZRA) has undertaken significant actions following allegations of tax evasion and non-disclosed gemstone operations by several entities. ZRA Corporate and Communications Manager Oliver Nzala confirmed that during a search operation at Good Time Steel Company in Kitwe, a staggering amount of USD $250,000 and 2.5 million Zambian kwacha were seized. This followed allegations of tax evasion against the company.

Good Time Steel, a partner of Tubombeshe Mine Limited, came under scrutiny for alleged tax evasion and failure to disclose its gemstone production, leading to the seizure of funds suspected to be proceeds of crime. These seized resources will be handed over to the Drug Enforcement Commission (DEC) for further investigation.

Additionally, Tubombeshe Mine Limited in Lufwanyama faced a thorough search operation by ZRA due to allegations of non-disclosed gemstone operations and potential tax evasion. The findings pointed to discrepancies between reported and actual gemstone production, potentially indicating non-compliance with tax regulations.

In response to these developments, ZRA, in collaboration with the Ministry of Mines and Minerals Development, has developed a Gemstone Production Reporting and Export Permit Module. This digital platform aims to enhance transparency and accountability within the gemstone industry. The system allows for online reporting of minerals and facilitates the processing of export permits, aligning with the government’s efforts to curb illicit practices and increase tax revenues.

The Gemstone Production Reporting and Export Permit Module will complement the existing Mineral Output Statistical Evaluation System (MOSES), designed to monitor mineral production and export permits in the mining industry. The introduction of these digital platforms is expected to bolster tax compliance among operators, reduce malpractices, and ultimately augment national tax revenues.

6 COMMENTS

  1. Why a country that has been independent for just shy of 60 years and also been teaching earth sciences, engineering and business courses for well over half a century cannot produce its own professional gemstone miners is hard to understand. The main problem is unenlightened individualism even among Zambia’s elites coupled with government’s inability to identify to chaperone local mining investments. Where technical knowledge already exists, finding capital should not be a problem. Dr Sixtus Mulenga has taken the plunge by starting a greenfield manganese mine in Luapula province. There should have been many like him given the mining expertise that exists in Zambia.

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  2. When I told you that mutinta hichilema transfers millions of dollars on weekly basis to Panama account you all said I was mad. Now we know that you are all gullible f00Is to trust a Privatization con man like hh

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    • Mr Kaizar, why do you like telling everyone who seems to challenge you as a fool. This platform is just to comment based on your opinion. We are all Zambian and why calling each other names because they seems not to agree with you. There is no insulting on this platform but be one Zambia one nation

    • I cant believe you Kaizer has the audacity to accuse anyone of graft. You’ll have my undivided attention when you start by talking about millions of $s transferred by ECL and you his cronies to Dubai and other tax havens.

  3. They should be passing laws to stiffen punishment for tax evasion and economic plunder. Instead, they are squabbling about who should occupy front seats in parliament

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