The Zambia Institute of Chartered Accountants – ZICA says it is committed to promoting high standards of accounting and taxation practice in Zambia and has pledged to support its members and stakeholders with relevant and timely education and training opportunities.
Speaking when he officially opened the 2024 ZICA tax updates workshop in Lusaka with the aim of providing attendees with the latest information and guidance on tax laws and regulations that affect businesses and the accounting profession as a whole and attended by the Zambian Business Times – ZBT, ZICA Chief Executive Officer, Anthony Bwembya said Compliance with tax laws is the cornerstone of good corporate citizenship for businesses and unwavering patriotism for a professional accountant.
Bwembya said ZICA recognizes this crucial role that accountants and the business community play in the tax value chain adding that the tax collection process is incomplete without accountants and as such, ZICA will always endeavor to keep its members abreast of the latest developments in tax legislation. “This is the reason why tax workshops will continue to be an annual feature on the institute’s CPD calendar.”
Bwembya said the workshop was designed to be interactive and fit-for-purpose, aimed at achieving dual objectives of raising tax compliance and maintaining professional knowledge and skill at the required level.
The event featured resource persons and facilitators from EY, KPMG, PwC, ZRA, BOZ, Ministry of Finance, and Ministry of Justice, who are experts in their respective fields and shared their expertise with attendees and provided a platform for businesses and accountants to learn and interact directly with policymakers, policy enforcers, and tax experts.
The workshop is important to contribute to taxpayers’ knowledge of their tax obligations and to make it easy for the population to comply with the tax legislation. The 2024 ZICA tax workshop updates on changes in various pieces of legislation affecting the taxation regime in the country, and provided accountants a clear perspective on some topical tax areas that may have been contentious in the recent past.
ZICA hopes that through workshops like this one, important knowledge and information will be passed along that enables businesses to take advantage of existing tax incentives while becoming responsible corporate citizens that pay their fair share of tax which will contribute to national development and assist in achieving the 8th national development plan.
Bwembya said the workshop is of particular significance considering the numerous tax malpractices committed by some corporate entities in the recent past.
Tax fraud is a key factor that has not been sufficiently recognized as a serious threat to national development. Studies suggest that the amount of money that developing countries lose because of tax fraud amounts to several hundred billion dollars annually.
ZICA has since urged all its members to resist the temptation to commit tax fraud and comply with the provisions of the code of ethics for professional accountants.
“Our nation is confronted with many constraints hampering our attempts to increase tax revenue. The high proportion of the informal sector, coupled with high levels of debt and the structure of the economy, have a severe bearing on the domestic tax effort.”
“Aggressive tax avoidance, in some cases tax evasion, and a proliferation of tax exemptions have continued to pose a considerable challenge to revenue mobilization.”
“It is in this vain that ZICA has organized this workshop to provide a platform where businesses and accountants can learn and interact directly with policy setters, policy enforcers, and tax experts.” Said Bwembya.
