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Zambia Revenue Authority (ZRA) has put on hold amendments to the Value Added Tax (VAT)Rule 18.
Speaking during the media workshop in Lusaka today, ZRA Commissioner General Berlin Msiska says this is in order to allow for wider consultations with relevant stakeholders.
In a presentation during a media workshop in Lusaka today, made on his behalf by ZRA Commissioner for Customs Dingani Banda, Mr.Msiska says the decision to put on hold proposed amendments to VAT Rule 18 follows concerns raised by stakeholders.
Mr Msiska says the Authority has thus realized that it needed to proceed with caution because of the wider implications and misunderstandings.
He adds that the move is also aimed at ensuring that the Rule is consistent with the wider policy intentions of government.
Mr. Msiska says what is however unfortunate is that the Authority is unable to discuss the practicality of the Rule further in view of the ligation that some mining companies have taken against the authority.
The ZRA Commissioner General has also noted that the refunds of the K4,091,889,682.11 currently withheld by the Authority can only be remitted to the taxpayers if Rule 18 is changed retrospectively to 1997 as requested by the mining sector or documentation provided as required under the current VAT rule 18.
He states that otherwise, the taxpayers are required to adjust their supplies from zero-rated to standard rated and apply 16 percent VAT rate.
As of the 31st August, 2014 the ZRA has withheld over K4 billion on account of taxpayers who have declared Zero rated exports but have not furnished all the required documents to the Authority.
The ZRA had earlier this month announced amendments to VAT Rule 18 of the Value Added Tax Rules of 1997.
Amendment were supposed to have come into effect on 8th September,2014.
( Thursday 18th September 2014 )
QFM NEWS
