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Electronic system to monitor tax avoidance in Zambia

kwacha

An electronic system to report and monitor Zambia’s balance of payments in a more transparent manner is planned to be unveiled by the country’s central bank.

The Bank of Zambia plans to establish the system so that it can have linkages with government ministries, agencies and institutions responsible for the collection of revenues and the administration of import and export formalities.

The technology is further planned to help with the carrying out of a tax evasion law in the country that is set to be implemented later this month .

The law, which has been signed by the minister of finance and national planning, Alexander Chikwanda, stipulates that any person who contravenes any the provision could be liable to ten years imprisonment.

The law comes amid the backdrop of several reports suggesting that some local and foreign companies in the country are involved in tax avoidance which has resulted in the loss of billions of dollars in revenue collection by the Zambian government.

“For the purpose of ensuring that records are well maintained, the Bank of Zambia shall establish an electronic reporting and monitoring system which will have linkages with government ministries, agencies or institutions responsible for revenue collection and administration of import and export formalities,” reads the law in part.

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