By ISAAC MUKANDO –
THE Zambia Institute of Chartered Accountants (ZICA) has commended the Government for being transparent in the way public funds are been utilised and invested.
ZICA chief executive officer (CEO) Hapenga Kabeta said there was need to commend the Government for showing how money was being utilised as that had contributed to national development.
Mr Kabeta said the improved revenue collection measures would also help facilitate investments in prioritised sectors of the economy such as infrastructure development.
He was speaking in Kitwe on Friday in a speech read for him by ZICA regional manager-North, Jessica Chisompola during a tax updates workshop held at Moba Hotel.
Mr Kabeta said transparency in public funds and improved revenue collection by the Government would lead to developments in education and health sectors.
He said all important national projects being done simultaneously suggested an endless source of funding and people could see how the Government was using such funds.
Mr Kabeta further said in line with ZICA’s mandate of keeping members abreast with latest developments in the accountancy profession, the organisation would hold the tax update workshops annually.
“This tax update workshop is important as it gives an opportunity to members of the accountancy profession and other stakeholders to be updated on the current developments in tax legislation following the adoption of the 2014 Budget in 2013,” Mr Kabeta said.
And principal budget analyst from the Ministry of Finance, Pamela Chitulangoma said improvement in revenue collection would lead to development of infrastructures such as universities, hospitals and schools and, as such, there was need for value-added tax (VAT) administration to be strengthened.
Ms Chitulangoma said improved tax administration system and modernisation programmes would also contribute to infrastructure development in the country.