Govt Urged To Address Tax Burden On Citizens In 2022 National Budget
By Balewa Zyuulu and Lukundo Nankamba
Financial Advisor Kingford Kalobi says he expects the 2022 national budget to address the tax burden on citizens.
Mr. Kalobi tells phoenix news that over the years, overtaxing of citizens in the formal sector while leaving the informal sector to flourish has caused an imbalance that requires urgent attention by the government.
Mr. Kalobi is of the view that the best way to consolidate the high cost of living that Zambia is currently facing is reducing taxation thresholds for different income brackets as this will reduce spending vulnerabilities on essential goods.
Mr. Kalobi says most citizens, despite being in formal employment, are still struggling to meet their basic needs due to the high cost of living.
Meanwhile, the Crushers and Edible Oil Refiners Association -CEDORA- is calling on the government to extend the zero-rating of Value Added Tax -vat- on edible oils as it formulates the 2022 national budget.
Association chairperson Aubrey Chibumba has told Phoenix News that the statutory instrument on zero-rating of vat on edible oils expires on 31st October this month and if not extended will have an effect on the price of oil which will increase by 15%.
Mr. Chibumba has projected that in the next 6 months, Zambia will have a soya bean crushing capacity of 1 million tonnes per year, and to achieve this, there is a need for more farmers to grow soya beans.
PHOENIX FM NEWS
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