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Due to the low water levels in the Kariba dam , load shedding has commenced effective today, Thursday 15th December 2022 and will last for 6 hours a day.

And did you know, that by switching to alternative energy such as Liquid Petroleum Gas instead of charcoal you will not only help in fighting deforestation but will also help with preserving the Ozone layer as well as contibute toward combating climate change .

Make that switch tofay by getting yourself the self igniting energy efficient Gas stove combo for K2,000 only from Tranzworks Enterprises Limited

Euro falls below dollar for first time since 2002

The euro has fallen below the dollar for the first time in nearly 20 years as the war in Ukraine pushes the single currency down.

A single euro bought $0.998 on the foreign exchange market at 12:45 GMT, down by 0.4% in the day's trading.

Fears that Russia may restrict Europe's supplies of energy have increased the chances of recession in the euro area. (BBC News)

ZRA EXCEEDS MID-YEAR TARGET BY K2.1BN

The Zambia Revenue Authority (ZRA) has recorded an above-target revenue performance in the first half of the year 2022 after collecting a net tax outturn of K48, 307.9 million against the period target of K46, 203.9 million, thereby registering a surplus of K2, 104.0 million or 4.6 percent.

ZRA Commissioner General Dingani Banda has said, cumulatively, the Authority collected K56, 407.9 million in gross taxes during the first half of 2022, while the refunds stood at K8, 100.0 million.

Mr. Banda says the recorded surplus was largely attributed to the strong performance of direct taxes which was driven by sustained high copper prices on the global market during the period under review.

During the second quarter of 2022, the Authority also surpassed the revenue target by collecting K29, 956.9 million in gross taxes and refunded K4, 050.0 million. The net collections thus stood at K25, 906.9 million against the quarter target of K25, 146.3 million, thereby recording a surplus of K760.6 million or 3.0 percent.

“Gross collections during the second quarter of 2022 increased by 10.6 percent in nominal terms when compared to the corresponding quarter in 2021, while net collections in the first half of 2022 increased by 24.2 percent relative to the same period in 2021. The total refunds in first half of 2022 at K8,100.0 million increased by 57.4 percent compared to K5,146.7 million refunded during the corresponding period in 2021”, Mr. Banda said.

In terms of industry performance, the top three contributors (accounting for 63.3%) to gross revenue collections during the first half of 2022 were Mining and Quarrying, Wholesale and retail trade and Manufacturing sectors, which accounted for 43.0 percent, 11.8 percent and 8.5 percent, respectively, of the total gross collections.

The Authority has also issued the Executive Tax Bulletin for the second quarter of 2022 and can be accessed on the ZRA website www.zra.org.zm.

The excellent revenue performance has also been enhanced by sustained implementation of key strategies as enshrined in ZRA’s Corporate Plan. Some of the strategies include extensive use of data and intelligence to unearth unpaid taxes, use of technology to simplify tax processes, taxpayer engagements and education, customer support programmes; which have led to improved voluntary compliance and tax base expansion which is aimed at on-boarding taxpayers previously not paying taxes.

Other strategies include enhanced active surveillance and enforcement operations which have been reinforced by collaboration with other government agencies in the fight against economic crimes such as smuggling and other forms of tax evasion.

The improved staff productivity and high-performance culture has also enhanced revenue collection. This follows the continuous implementation of a robust internal performance management culture by the Authority.

The Commissioner General has urged ZRA staff to continue improving performance in all aspects while meeting the expectations of all our stakeholders as stipulated in the 2022-2024 Corporate Strategic Plan.

“Once again, I salute you all for your consistent dedication to duty which is underscored by this favourable revenue outturn amidst external challenges such as rising oil prices due to the Russia-Ukraine conflict and the continued subliminal effects of the Covid-19 pandemic”, Mr. Banda said.

“Management, through the Governing Board, is committed to providing a conducive working environment and progressively addressing all matters affecting staff welfare. Finally, let us remember to always live the ZRA core values of Taxpayer focus, Integrity, Professionalism, Innovation and Networking”, Mr. Banda added.

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