Business

ZAMEFA hails proposed sales tax

TRYNESS TEMBO, Lusaka
METAL Fabricators of Zambia Plc (ZAMEFA) says the proposed introduction of the sales tax is expected to positively impact on the financial performance of businesses as it will remove the burden of delayed settlement of the value added tax (VAT) refund.
In the 2019 national budget, Government proposes to abolish value added tax (VAT) and replace it with a simpler non-refundable sales tax, which is a consumption tax imposed by Government on the sale of goods and services, as a measure of enhancing domestic revenue mobilisation.
The measure is expected to take effect on April 1.
ZAMEFA says the firm’s operating environment continued to be characterised by tight liquidity and slow settlement of government and quasi-government debt.
“The group continues to focus on strategies to improve its liquidity by, among others, engaging senior government representatives as well as the Zambia Revenue Authority (ZRA) to address arrear receivables.http://epaper.daily-mail.co.zm/

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