By Logic Lukwanda
The Zambia Revenue Authority (ZRA) has registered a K1.3 billion or 22 percent below the annual target of revenue collection for the year 2020.
The Authority collected K57.7 billion last year representing 17.7 percent of the gross domestic product GDP compared to 17.8 percent in 2019.
Speaking at the end of 2020 media briefing in Lusaka this morning, ZRA Commissioner General Kingsley Chanda said the amount collected is commendable considering the difficult economic circumstances which characterized the year.
And Mr Chanda said the authority during the year paid a total of K12.9 billion in tax refunds compared to K10.5 billion paid out in 2019, representing a 12.3 percent growth.
He said of this amount, K12.64 billion was paid in value-added tax vat refunds of which K8.5 billion which is 67 percent of the amount went to the mining sector while direct taxes refunds stood at K72.3 million and K163.5 million was refunded under customs.
Mr Chanda has also pledged the commission’s commitment to offset vat refunds to minimize accumulation going forward.
Meanwhile, Mr Chanda disclosed that ZRA managed to reconcile 5,769 taxpayer accounts valued at K16.4 billion for Lusaka and Copperbelt based taxpayers despite the covid19 pandemic disruptions.
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