According to an investigation conducted by researchers at Zambia Center for Accountancy Studies (ZCAS) in 2025, it was revealed that 40.4% of Small and Medium Enterprises (SMEs) in Zambia are not registered for tax. These findings suggest that a significant number of businesses operating in Zambia are outside the formal tax structure, raising concerns over lost government revenue and growing fiscal pressure on the national budget. Speaking in an interview with Zambian Business Times (ZBT), Copperbelt-based economist and policy analyst John Ng’andu described the findings as worrying for Zambia’s economic stability and long-term fiscal sustainability. “The investigation that was done...
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