Thursday, June 13, 2024

ZRA and DEC Recover Over K9.4 Million in Taxes from “Gold Gate” Suspect

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The Zambia Revenue Authority (ZRA) and the Drug Enforcement Commission (DEC) have successfully recovered over K9.4 million in taxes from AFME Metal Exchange Limited following an extensive investigation into the company’s tax compliance. The recovery is part of a joint effort to address issues related to the gold scam involving one of the co-accused, Shadrick Kasanda, who is a director and shareholder of the company.

According to a joint statement issued by Oliver Nzala, ZRA Corporate Communications Manager, and Mwenge Mulenga, DEC Public Relations Officer, the investigation focused on Mr. Kasanda’s financial activities, revealing significant unexplained sums of money received from overseas sources without proper tax declarations. Additionally, funds were found in his name without corresponding tax declarations or accountability to the Zambia Revenue Authority.

The recovery process, initiated by the joint investigation, resulted in the assessment of over K52.4 million. The DEC blocked the relevant account, and ZRA garnished it to facilitate the payment of the total assessment amounting to K52,449,413.37.

To safeguard tax revenue, a notice under section 23 of the VAT Act (cap 331), section 171a of the Customs and Excise Act (cap 322), and section 84 of the Income Tax Act (cap 323) was issued to forfeit a total of ZMW 9,433,000.00 from AFME Metal Exchange Limited’s bank account. This amount represented the sole available funds in the account at the time of the DEC’s seizure.

Mr. Nzala and Mr. Mulenga warned that entities failing to comply with tax laws would face scrutiny from Law Enforcement Agencies through the Inter-Agency Framework. They urged all taxpayers to adhere to tax laws and fulfill their obligations to avoid legal consequences.

11 COMMENTS

  1. ACC keep up the good work. Don’t forget USA & UK based blogger and Investment Banker @INDEPENDENT OBSERVER who has amassed himself $50m Dollars.

    14
    • Jealousy will kill someone. Be happy for a fellow Zambian who was smart enough to create wealth. Just because he does not come from Southern provinces you decide to hate him. I am sure if he was Tonga, you would be full of praise of INDEPENDENT OBSERVER. I am a founder member of UPND from day one. This is not what the Late Mazoka stood for. He was a person of all people and that’s why he had people like Patrick Chisanga, a Bemba. Bob Sichinga a Tumbuka, Clement Banda a Ngoni in his Executive Team. Mazoka’s chosen legal advisors or lawyers were Bemba &Ng oni. Not Tongas. We need to stop this hate.

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    • I did not write this. “ACC keep up the good work. Don’t forget USA & UK based blogger and Investment Banker @INDEPENDENT OBSERVER who has amassed himself $50m Dollars.” Someone used my name to post this, and I ask LT to delete it.

    • @Mainga: First of all, I did not write that bullsh!t. I do not care about independent observer. Secondly, I do not envy anyone who may have stolen money. Secondly, please stop speaking on behalf of the virtuous Mr Anderson Mazoka. When he was alive, you accused him of stealing cows from Botswana, without realising that we Tonga people have always had more cows per man than any other group of people in Southern Africa. Now that you have poisoned him to death, we are not going to let you use him to advance your tribal agenda. Go to hell. Please talk about your hero like the larcenous Chipuba or Michael Satan. Asshol

    • @ INDEPENDENT OBSERVER.,
      Bro, a few of us who have been on LT for a long time, know you and equally know who this guy who has been hateful and jealosy for you amassing your deserved wealthy is.
      You worked hard and deserve your wealthy.
      The rest expect GRZ to make them rich, no wonder this negativitym, it appears you manifested your wealthy. A lot of these Zambians are yet to learn that they can manifest and achive whetever they want in life without the HH government. Please, I request you to teach your followers on being positive and that they can manifest their desires. Please give them hope. Too much of NEGATIVITY here. Empower them to believe in themselves, to take actions towards their goals and NOT wasting time whinning here for the sake of gettting upticks

  2. Unfortunately or fortunately, crime and law is no respecter of who’s who and where they come from. Lets hear more crying tribal and cronyism that belonged to past regimes.

  3. DEAR ALL,
    IS any one of you receive this note from LT, personally, I am not able to make a post for the last month. Each time I want to post I get this this message

    “There has been a critical error on this website.

    Learn more about troubleshooting WordPress.”

    I wonder if LT is just blocking me out.

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