The Zambia Institute of Chartered Accountants (ZICA) has called for the implementation of immediate interceptive measures to bring to end cases of tax evasion by large multinational companies.
ZICA Chief Executive Officer Hapenga Kabeta said Zambia’s tax legislation has proven to have loopholes and weaknesses hence the need to immediately strengthen it to avoid further loss of potential revenue through tax evasion schemes by business houses.
In a speech read for him by ZICA manager for Northern region, Jessica Chisompola, during a tax updates workshop for ZICA members in Kitwe today, Mr. Kabeta said various international auditors, business consultants and media houses have highlighted various cases of tax evasion by some multi-national companies especially in manufacturing and mining.
He urged ZICA members to advise government on ways of strengthening the tax laws and coming up with a tax legislation that will help in raising the much needed revenue to meet the increasing needs of the citizenry.
Meanwhile, Mr. Kabeta has observed that over the past five years, the country’s national budget has been increasing from about K13 trillion to about K32 trillion for the 2013 budget.
He however said this increase has not translated into improved quality of life for the citizens.
He said the poverty levels have remained high in Zambia despite the large increase in annual national budgets.
Mr. Kabeta also observed that poverty levels have remained high, which is contradicting the rich perception which the international community have about Zambia.
He noted that the current national budgeting process was not sufficient to respond to the challenges of the present day Zambia although the process has been used since independence.
He called for an expeditious enactment of the Planning and Budgeting Act which will spell out how the budgeting process will be carried out including the involvement of key stakeholders in the budgeting process and the inherent accountability issues.
ZANIS
Do something GRZ
..’the country’s national budget has been increasing from about K13 trillion to about K32 trillion for the 2013 budget’.
How much is this in real terms? which sectors had the highest increase and why? We put so much emphasis on the budget without analysing the outturn, can someone explain how the money was spent please?
Recurrent expenditure is been increasing ie the bureaucracy is ballooning. More money is going to pay political appointees therby leaving less money for services and infrastructure that make a difference in peoples lives! Imagine a Ministry with three Deputy Ministers! Imagine how many teachers or medical personnel you can employ from their salaries and allowances! The cost of a bye election can build a Health centre? What the Heck is the Ministry of Chiefs and Traditional Affairs? Why do we need to waste money on this rubbish? Can a Ministry like this one improve the lives of citizens?
Read the budget, why should you wait for an explanation just to be misinformed?
There will be no improvement in the quality of life of Zambnians because I intend to spend most of the money on bribes and by elections including salaries, offices, cars etc for the deputy ministers I will continue appointing till I die!
oh, so it’s only today that they have noticed the loopholes?
Jolly good, now let us see how parliamentarians and ministers respond to this. If you want my opinion, I think they will sit on their hands till they’re numb while they are being spoon fed bull excrement. It will be shelved until enough commoners talk about it then someone will use it as an election launchpad. Isn’t Zambia lovely?
I’m very disappointed with the author of this article and can not comment wisely on this rubbish..firstly there is a big difference between Tax Avoidance and Tax Evasion. One is LEGAL and the other is ILLEGAL…do editors exist in Zambia if they do they are being paid for doing nothing!!
It’s supposed to read Tax avoidance schemes,which is legal ,Tax evasion is the one which is illegal.
goverment is failing the economyu
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