By BUUMBA CHIMBULU
THE introduction of levy on mobile money transactions should not disadvantage local players on the market as the sector has created many jobs for young people while contributing to the growth of the economy.
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This is according to Access Bank Zambia Managing Director, Lishala Situmbeko, who has recommended that the proposed levy on mobile money transactions be implemented in a way that will not disadvantage local players.
Finance and National Planning Minister, Situmbeko Musokotwane, on Friday proposed the introduction of levy on mobile money transactions in 2024 ranging from K0.08 to K1.80.
Reacting to the development, the Access bank Managing Director said that whenever a sector was experiencing exponential growth, it naturally attracts the attention of tax authorities.
He said this recently in Lusaka during a panel discussion at the Zambia Institute of Chartered Accountants (ZICA) 2024 National Budget Analysis Dinner.
“Mobile money transactions are a key economic activity and the introduction of levy on mobile money transactions is an anticipated direction,” Mr. Situmbeko said.
On mining, Mr. Situmbeko observed the need to tie down the value chain within the sector so that benefits can trickle down to citizens.
Mr. Situmbeko is confident that once issues surrounding mining and debt have been addressed, there will be a positive impact on the economy.
“Access Bank Zambia is ready to support value chains in mining, and other sectors through our Distributor Credit Programme (DCP), a financing programme designed to provide flexible working capital, asset, and trade financing to Distributors of all Large Corporates across different sectors in Zambia,” he said.
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