ZRA targets to raise K8 billion in penalties amnesty

The Zambia Revenue Authority (ZRA) has targeted to raise over K8 billion in an amnesty on interest and penalties launched today.

ZRA Commissioner General Kingsley Chanda has told a media briefing that the amnesty will run from 24^th April to 31^st July, 2017.

Mr. Chanda says during this period, taxpayers are expected to submit all outstanding tax returns and pay all their principal tax liabilities for tax periods prior to 1^st March, 2017.

He explains that all waivers of interest and penalties shall be granted upon submission of outstanding returns and full payment of principal tax liabilities.

Mr. Chanda has however, stated that the amnesty will not apply to cases under litigation, investigation, interest and penalties arising from an audit or investigation, interest and penalties relating to property transfer tax, among other such cases.

Meanwhile, Mr Chanda has disclosed that the authority has in the last two weeks impounded seven trucks laden with smuggled goods.

He has warned businesses in the habit of smuggling that they risk forfeiting their goods including the vehicles used in smuggling to the state.