ZRA targets K44.7 billion revenue collection in 2018

ZRA Commissioner General Kingsley Chanda (Picture by Albert Mpezeni)

Zambia Revenue Authority (ZRA) Commissioner General Kingsley Chanda says the authority’s target for revenue collection in 2018 is K44.7 billion which is a K7.1 billion or 18.7 percent higher than the 2017 target of K37.6 billion.

Mr. Chanda has told Journalists that the K7.1 billion difference between 2017 and 2018 targets is composed of tax policy measures as pronounced by Finance Minister Felix Mutati in his 2018 national budget address at K2.2 billion and macroeconomic assumptions and efficiency gains together accounting for K4.8 billion.

He says these targets that ZRA aims to achieve are set by the Ministry of Finance through a very consultative budget process.

Meanwhile, the ZRA Commissioner General has disclosed that the authority has so far registered about 269, 817 new Tax Payers Identification Numbers (TPIN).

Mr. Chanda says the Commission from the audit that was conducted from the tax payers it managed to conduct 10,473 tax audits yielding over K2.9 billion in taxes.

He also notes that the restructuring of ZRA that commenced in 2018 also created some positive effect on revenue.

He explains that the restructuring involved the creation of Indirect Taxes directorate to focus on the administration of VAT and excise.