Home Business and Technology Zambia Revenue Authority misses target by 1.3 billion in 2020

Zambia Revenue Authority misses target by 1.3 billion in 2020

Zambia Revenue Authority

Zambia Revenue Authority collected a net of fifty-seven point seven billion kwacha in 2020 which is one point three billion kwacha below target.

The collection is against government’s revised 2020 tax revenue projection downwards to 59 point zero billion kwacha approved by parliament.

ZRA Commissioner General Kingsley Chanda says performance only relates to taxes collected by the Zambia Revenue Authority and does not include revenue collected by other government departments in form of non-tax revenue.

Mr. Chanda says the 2020 revenue represents a reduction at 17-point 7 percent of gross domestic product compared to 17-point eight percent in 2019.

He says the despite collecting below target, the performance is highly commendable considering the challenges of the covid 19 pandemic.

Speaking during the media briefing Mr. Chanda said the Authority paid a twelve point nine billion kwacha in tax refunds compared to ten point five billion kwacha in 2019.

And Mr. Chanda said the Authority also paid direct taxes refunds of 72 point 3 million kwacha while 1-hundred and 63 point 5 million kwacha was refunded under customs.

He said the increase in the amount refunded in 2020 is in line with the Authority’s desire to dismantle all outstanding refunds.

Mr Chanda said dismantling outstanding Value Added Tax – VAT -refunds and minimising the accumulation of refunds remains one of the key operational priorities for the authority.

He said VAT refund claims stood at sixteen point six billion kwacha at the close of 2020.

Mr Chanda said the Authority is hopeful that as part of government’s broader agenda to reduce domestic arrears and inject liquidity into the economy, more resources will be made available in 2021 to pay out.

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