A Lusaka based financial analyst Maambo Haamaundu has called on the Zambia Revenue Authority – ZRA to finalize the audit of all outstanding VAT claims to enable smooth Sales tax implementation and transition, and to help both the government and the business community plan their cash flows.
The analyst further stated that the deferement of the sales tax should be an opportunity for the Ministry of Finance to make the bill available to the business community and give clear guidelines on its implementation.
The Minister of finance Margaret Mwanakatwe announced that the goods and services tax – GST will replace Value Added Tax-VAT on July 1st,2019, pushing forward the date which was earlier announced that the transition would commence on April 1st, 2019.
And Haamaundu has told Zambian business times-ZBT in an interview that the deferment of the sales tax is good move by government but will only be beneficial if the bill is made available to the public domain. The bill has since been made available and is currently under consultation with various stakeholders.
“it is pleasing that government has taken into consideration all suggestions and concerns raised by stakeholders regarding the sales tax and we are hoping that clear guidelines will be made to the business community in readiness of the transition” he said
He said there was lack of preparedness among business entities adding that had the situation remenined not attended to, it going to impede economic stability due to lack of detail contained in the bill.
Haamaundu adds that economic agents are highly expectant that the three months extension to the implementation of the bill will provide facts involved the sales tax and interpret on its operations for easy adaption by the business entities.
