THE Zambia Revenue Authority (ZRA) has announced its commitment to contribute over 70.5 percent to the national budget.
Commissioner General Dingani Banda emphasized a tough stance against tax fraud during the unveiling of the Smart Invoicing at a media briefing in Lusaka today.
Banda outlined ZRA's ambitious goal for 2024, aiming to collect K125.3 billion, reflecting a growth of 21.5% from the 2023 target.
He highlighted the substantial increase in the 2024 target compared to 2021, with revenues administered by ZRA expected to contribute 70.5% to the government budget.
For the current period, ZRA recorded a shortfall of K4.5 billion compared to projections, attributing it to lower copper production that fell short of budget assumptions.
Banda provided specifics on the tax collection for January to November 2023, revealing a gross collection of K105.4 billion, with K13.9 billion refunded, resulting in a net collection of about K91 billion—falling short of the K95.5 billion target for the period.
Despite challenges in fraudulent VAT refunds, Banda highlighted the introduction of the electronic invoicing system as a crucial step toward enhancing revenue collection.
He described this system as the future of Zambia, emphasizing its role in improving administrative efficiencies and boosting revenue.
The Commissioner reiterated ZRA's firm stance against fraud, noting ongoing investigations into 258 companies, prosecution of 11 companies, 10 convictions secured, and one case pending appeal.
He cautioned individuals and companies involved in fraudulent activities, emphasizing ZRA's commitment to safeguard government revenues.
“It is unfortunate that these fraudulent activities, this area where we have revenue leakages, they are being perpetuated right in our environment and in some instances facilitated by professional enablers, these are individuals, companies that are assisting taxpayers to commit some of these frauds," Banda said.
"So please we would like to cautious those who are involved in this that ZRA will take a tough stance as we go forward to ensure that we safeguard government revenues.”
