Business

ZRA pays K1.3 billion VAT refund

NKOMBO KACHEMBA, Lusaka

THE Zambia Revenue Authority (ZRA) last month released K1.3 billion for Value Added Tax (VAT) refunds in its continued efforts to dismantle a K37 billion backlog.  As at September this year, the authority had about 3,000 audited pending refunds below K5 million for 744 tax payers, mainly small and medium enterprises (SMEs). It is currently implementing a more accountable, transparent and predictable refund mechanism to stimulate growth in the business sector. In October this year, ZRA made a payment of K136 million towards dismantling the K37 billion debt. The K1.3 billion paid last month surpassed the monthly allocation of K850 million. ZRA corporate communications manager Topsy Sikalinda said in a statement yesterday that the decision to refund higher figures last month was meant to clear the backlog of audited refunds for SMEs.
Mr Sikalinda said the VAT refunds for SMEs have been outstanding since 2013. “In the payments for the months of October and November, the authority cleared most of the backlog on a first-in- first-out basis for audited refunds below K5 million from 2013 to 2019,” he said. Mr Sikalinda said the tax refunds are projected to rekindle micro-economic activity at the local level and CLICK TO READ MORE


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