North western Chamber of Commerce, Trade and Industry welcomes the withdraw of the sales tax by the Minister of Finance Dr Bwalya Ng'andu to for further consultation.


North Western Chamber of Commerce, Trade and Industry has welcomed the withdraw of the sales tax by the Minister of Finance Dr Bwalya Ngandu for further consultation.

Chamber president Mukumbi Kafuta said that his institution has welcomed the bold decision taken by Minister of Finance Dr Ng'andu to extend the implementation of the sales tax bill to allow the considerations made by sta.

Mr Kafuta says the reasons given for doing so are genuine considering the submissions that which the business community made during the consultations on the sales tax across the country.

He said the submissions needs to be addressed sufficiently, hence the need of more time to be given by the minister.

Mr Kafuta   says it is good that the minister has taken into considerations the views of the stakeholders on how the sales tax structure should be and if it’s worthy to be undertaken in Zambia.

He further said that there is now need to come up with the tax system that will stimulate investments and growth in the private sector through enhanced value chain.

Mr Kafuta said the tax structure should be made in a way it will be able to promote more invests   that will be more sustainable by taking account of incentives that will encourage investments in the country.

 He adds that it is important for the ministry of finance that before the sales tax is implemented all the systems should be tested  and running efficiently so that as it is passed on to the business community they will be able to adopt it.
 
Early this month Finance Minister Dr. Bwalya Ng’andu,  moved a motion in Parliament to withdraw the Sales Tax Bill (N.A.B Number 7 of 2019) from the current sitting of Parliament.
Dr Ng'andu stated that the Sales Tax Bill will be reintroduced during the Budget Session commencing in September, 2019, in readiness for its commencement in January, 2020.
 

 

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