Mwanakatwe New Tax Regime

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Mwanakatwe

Minister of Finance Margaret Mwanakatwe says government has proposed to abolish Value Added Tax and replace it with a simple non-refundable Sales Tax.

Minister of Finance Margaret Mwanakatwe says government has proposed to abolish Value Added Tax and replace it with a simple non-refundable Sales Tax.

Speaking during a Sales Tax consultative meeting with the business community at Levy Mwanawasa Stadium in Ndola, Ms. Mwanakatwe says the decision is necessary to stop VAT refunds debt escalation.

She adds that the Sales Tax will increase revenue collection to support government’s social development programs.

Meanwhile, former Ndola Chamber of Commerce and Industry President Ashu Sarar says there is need for the ministry to strongly sensitize the business community and mining sector on Sales Tax.

Mr. Sarar has also warned that the higher the tax rate the fewer companies will participate in the value chain of the country.

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