ZRA FAILS TO MEET 2023 REVENUE COLLECTION TARGET

The Zambia Revenue Authority-ZRA- says the net collections during January to November were K4.5 billion representing 4.7 percent below the target of K95.5 billion.

Speaking during a media briefing in Lusaka today, ZRA Commissioner General Dingani Banda says the mining company income tax and mineral royalty were below the annual target while the domestic vat was above the target by K2.0 billion representing 11.7 percent.

Mr. Banda says the key factors for the revenue performance in 2023 were the lower than projected copper production, low levels of production which led to deficits under the mineral royalty and mining company tax under the period.

He says fraudulent vat claims also contributed to the revenue performance as 258 cases being investigated and that sub-optimal payment compliance by vat agents as K2.279 million was withheld but not paid under the period under review.