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HomeBusinessZRA pays out K 1.3 billion in VAT refunds for the month...

ZRA pays out K 1.3 billion in VAT refunds for the month of November

THE Zambia Revenue Authority (ZRA) has disclosed that it has continued to dismantle Value Added Tax (VAT) refunds to reduce the backlog which currently stands at about K37 billion.

ZRA corporate communications manager Topsy Sikalinda said the  Authority has in the month of November paid K1.3Bn in refunds surpassing the usual K850m monthly allocation.

In a media statement,  Mr Sikalinda said the decision to refund higher figures is meant to clear the backlog of the audited refunds especially for Small and Medium Enterprises (SMEs), which have been outstanding since 2013.

He said in the payments for the months of October and November, the Authority has cleared most of the backlog on a First In First Out basis for audited refunds below K5m from 2013 to 2019.

“The tax refunds are projected to rekindle microeconomic activity at the local level, push liquidity in the Small and Medium Scale Entrepreneurs and build goodwill among taxpayers which will, in turn, drive voluntary compliance,” he said.

Mr Sikalinda said  the Authority will continue working closely with the stakeholders to ensure that the backlog is liquidated and businesses continue operating in a thriving environment in line with the 2022 proposed budget anchored on the “Seeds of Prosperity”.

“As announced last month, the Authority will continue implementing a more business-oriented, transparent and predictable refund mechanism that will stimulate the growth of the business sector, especially the small and medium scale enterprises,” he said

Source: Mwebantu.

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