ZRA nets K4.8bn from ‘Time to Pay Agreements’
Published On December 14, 2017 » 2330 Views» By Evans Musenya Manda » Business, Stories
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. Chanda

. Chanda

By  CASSEY KAYULA –
THE Zambia Revenue Authority (ZRA) has collected more than K4.8 billion from Time to Pay Agreements which are as a result of the tax amnesty on interest and penalties launched in April this year.
ZRA Commissioner General, Kingsley Chanda said the authority is expecting to collect between K5 and K6 billion from the exercise by June 30, next year.
Mr Chanda reiterated that taxpayers were given an opportunity to clean their tax books through the amnesty exercise between April 24th and August 31st, this year.
He said in an interview that those that  were unable to pay the full amount during that period, signed Time to Pay Agreements with ZRA which would  allow them to go up to June 30th next year  in making payments.
“We have so far   K4.8 billion and the payments continue coming through, our last payments are expected by June 30th, 2018. So we are hoping that at the end of the entire exercise we should be around K5 to K6 billion collected from the amnesty exercise.
“The exercise has been excellent, that is money we would not have  collected if we did not declare the amnesty,” he said.
Mr Chanda described  the exercise as successful  with  other revenue authorities in the region intending to learn from Zambia.
He also  said over 14,800 bank account holders had been issued with Tax Payers Identification Numbers (TPIN) as of last month as required by Government.
Mr Chanda said ZRA would by the end of this month roll out 2, 000 Electronic Fiscal Devices (EFDs) in Lusaka which would enable the
authority  monitor transactions on real time.
“So the idea is at the end of the month, when the taxpayers are required to put in returns and make their tax payments, there will be no disputes,” Mr Chanda said.

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