Business

ZRA embraces new audit initiative

By BUUMBA CHIMBULU

A programme to provide practical assistance in the audit of companies within the banking and finance sector as well as telecommunications sectors has been launched by the Zambia Revenue Authority (ZRA)

The Tax Inspectors Without Borders (TIWB) audit assistance programme is jointly conducted by the Organisation for Economic Cooperation and Development (OECD) and United Nations Development Programme (UNDP),

It will be conducted by the Swedish Tax Agency (STA).

ZRA Commissioner General, Kingsley Chanda, said Zambia faced many challenges in the taxation of the banking and finance sector as well as telecommunications sectors.

Mr Chanda said ZRA auditors therefore needed to understand business models and value chains, particularly revenue recognition in the telecommunications sector and financial instruments in the banking and finance sector.

“The first one was in 2018/ 2019 relating to audit assistance in the Mining Industry where we recorded notable success arising from the programme. We were assisted by experts from the South African Revenue Service (SARS).

“It is this success which motivated us to make a request for another TIWB programme to focus on the Tele communication and Banking industry. It is my sincere hope that this particular programme will generate similar results,” he said during the virtual launch of the programme.

Meanwhile, ZRA yesterday donated 2,200 bed sheets and 1,400 blankets to the University Teaching Hospital (UTH) valued at K650, 000.

Mr Chanda said during the donation that ZRA was aware that UTH had challenges to meet all its financial and material obligations.

He stressed that clean medical linen was important as they allowed patients to feel more comfortable and at ease.

In receiving the donations, UTH Director-Clinical Care and Diagnostic Services, Alex Makupe, said clean linen was critical especially during the Covid-19 pandemic as the Hospitals received patients on a daily basis.

Dr Makupe explained that per bed space at UTH was currently changing linen three times per night.

“This support is timely because it has come at a time when UTH is in need of linen. We also need to revamp the laundry system so that linen can be washed and dried up fast,” he said.

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