One of Zambia’s leading audit, accounting, taxation, management and consulting firm – BDO Zambia, a part of BDO international network on Saturday 1st October 2022 held a cocktail in Lusaka to give high level highlights and analysis of the 2023 national Budget.
The event was attended by representatives from the Zambia Revenue Authority – ZRA, the Ministry of Finance officials, BDO clients and other special invited guests among key stakeholders with the aim to discuss and engage in the detailed analysis of the 2023 national budget.
According to the BDO Zambia Budget overview, the 2023 budget address by Finance Minister Dr. Situmbeko Musokotwane was delivered on the back drop of a fiscal year characterized by change in all facets of the economy.
The firm acknowledged the upward trajectory of the economy as well as numerous positive performances of the key economic indicators. These provide evidence of the compounding ripple effects of the shift in Governance, police direction and policy implementation.
Moderator for the event – Jonathan Ambali who is BDO Associate Director stated that although the state of the economy has strengthened investor confidence and greatly improved creditor relations, the road map described in the 2023 budget seek to address the challenges that are still notable going forward.
The co-presenters on half of BDO – Kafume Mbewe who is senior Tax Manager and Lungowe Masuku who is Tax Manager shared some of the key budget highlights for 2023. Highlights were given under direct taxes, value added tax, customes and excise as well as the tax amnesty.
At the same event, ZRA requested that BDO works hand in hand with the Taxation authority regardinf the implematation of the tax amnesty. According to the 2023 National Budget, the Minister of Finance Dr. Situmbeko Musokotwane announced a tax amnesty that will run from 1st October 2022 to 31st March 2023 and will apply to all tax type.
ZRA Commissioner Indirect Tax – Moses Shuko called for support from the BDO who have been partners for quite some time. He said the idea of putting in place a tax amnesty is to give a fresh start for tax payers as a way of ensuring that there is compliance going forward when it comes to tax collection.
“Our appeal to BDO is that lets work together in ensuring that we achieve this goal”, Shuko said. He however urged taxpayers to take advantage of the initiative before the penalties and interest are reinstated on 1st April 2023.
BDO presently has 5 partners and over 100 professional and administrative staff at its Lusaka offices. In addition to its own team of financial experts, the firm has a number of qualified professionals providing advise on matters such as Human Resources Management and Legal Draftsmanship.
