Business

K9.6bn lost yearly in VAT refunds

NANCY MWAPE, Lusaka
ZAMBIA is losing about K9.6 billion annually in value added tax (VAT) refunds to exporters and manufacturers, the revenue authority says.
This has prompted Government to abolish VAT to replace it with a non-refundable sales tax to be effected in April 2019.
Zambia Revenue Authority (ZRA) Commissioner General Kingsley Chanda said the new measure will benefit the consumers as well as strike a balance not to stifle production.
Currently, the country’s manufacturing base is too low to sustain the huge chunk of VAT refunds http://epaper.daily-mail.co.zm/



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