Q FM Africa's Modern Radio
The Zambia Revenue Authority (ZRA) says it is on course in exceeding the revenue collection target of over K26 billion for the year 2014.
ZRA Commissioner General Berlin Msiska has told Journalists during a media workshop in Lusaka today that as at 31st August, 2014, ZRA had a surplus of K1.7 billion.
Mr Msiska expressed confidence that the Authority will be able to surpass the August surplus of K1.7 billion by the end of the year.
Meanwhile Mr Msiska has attributed the high levels of Value Added Tax (VAT) refunds to the mining sector to the huge investments that have been recorded in the sector in the last five years.
He says from 2009 to date the level of VAT refunds to the mining sector has averaged over one billion kwacha.
And Msiska notes that during the last seven years tax revenue collections have performed favorably against Parliaments target by recording surpluses averaging 7.7 percent.
He says while revenue collection has been rapidly increasing from the year 2007 to 2013, government funding as a percentage of revenue collection has shown a declining trend with time.
Mr. Msiska says this is indication of the efficiency in the use of public resources.
He says the Authority’s cost for collecting revenue over the last nine years from year 2005 to 2013 has also averaged at 1.9 percent.
The ZRA Commissioner General was speaking this morning at a media workshop in Lusaka in a presentation made on his behalf by the ZRA Commissioner for Customs Dingani Banda.