Kabwe Chamber of Commerce and Industry (KCCI) president, Kapai Banda has commended the Zambia Revenue Authority (ZRA) for supporting the growth of the informal sector through provision of an amnesty facility to taxpayers. Mr Banda said in an interview with the media that the…

Kabwe Chamber of Commerce and Industry (KCCI) president, Kapai Banda has commended the Zambia Revenue Authority (ZRA) for supporting the growth of the informal sector through provision of an amnesty facility to taxpayers.

Mr Banda said in an interview with the media that the Extended Voluntary Disclosure Scheme, which is being implemented by ZRA across the country, has provided relief to eligible taxpayers in Central Province.

The scheme allows businesses and individuals to disclose previously declared liabilities and settle principal tax obligations with relief from qualifying penalties and interests.

“As KCCI, we are happy with the Extended Voluntary Disclosure Scheme that has been offered to the business community by ZRA. It is a good tax relief to the business community,” he said.

ZANIS reports that Mr Banda said the initiative has motivated eligible taxpayers to regularise their tax affairs on favorable terms to avoid penalties.

He said the organisation will always support initiatives aimed at supporting the growth of the informal sector.

Mr Banda said the business community in Kabwe will continue supporting such government initiatives by fulfilling their tax obligations as a way of contributing to the country’s economic development.

He called for fair, transparent and collaborative tax administration ahead of this Friday’s National Budget presentation by Minister of Finance and National Planning, Situmbeko Musokotwane.

Mr Banda urged eligible taxpayers to take advantage of the amnesty to settle their tax obligations to avoid penalties.

Under the Extended Voluntary Disclosure Scheme, taxpayers who disclose undeclared liabilities and settle their principal tax obligation receive a proportionate waiver of qualifying penalties and interest of up to100 percent.

ZRA is targeting to raise K185 million this year.