Business

Sales Tax takes effect July 1, 2019

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Ms Mwanakatwe however says her ministry has concluded the draft bill on the Sales tax and will be presented to parliament for the First reading on the 2nd of April.

She explained that the Ministry will in the June Parliamentary session take the bill to parliament for second reading and finalization.

Ms Mwanakatwe said this will enable various stakeholders to participate in the consultations through the Parliamentary Committee and Interaction by the Ministry of Finance with different economic players.

She said this in a Ministerial Statement to Parliament today.

The finance minister explained that through the Sales Tax the country will be able to save17 billion Kwacha, through the VAT refunds to various companies.

Ms Mwanakatwe noted that moving from VAT to sales Tax is a major reform that needs both the public and private sectors to enable them provide input into the conceptual framework and design of the new Tax.

And responding to questions from Members of parliament, Mrs. Mwanakatwe stated that Government is within the timeframe in implementing the new tax law.

Alice Nachilembe

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.

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