FINANCE MINISTER ENGAGES COPPERBELT CHAMBERS OF COMMERCE AND INDUSTRY ON TAX POLICY

Finance and National Planning Minister, Dr. Situmbeko Musokotwane, has engaged with representatives from the Copperbelt Chambers of Commerce and Industry in Kitwe on Saturday morning.

The meeting was aimed at outlining the government’s economic performance and emphasize the importance of strategic tax policies for fostering growth and sustainability.

Highlighting the country’s positive growth trajectory, Dr. Musokotwane stressed the need for consistent tax policy.

He said Zambia’s growth must be sustained.

“The growth of the economy must be consistent to ensure sustainable development in Zambia,”

Dr. Musokotwane further said the 2026 national budget aligns with the 8th National Development Plan, focusing on taxation policies that support economic stability.

Meanwhile, Zambia Revenue Authority (ZRA) Commissioner General Dingani Banda has emphasized the need to work together to turn around the performance of VAT.

He added that by 2026, the tax-to-GDP ratio is expected to rise to 20%.

Mr Banda noted that ZRA is projected to contribute 71.7% of revenue to the national budget this year, reiterating the collective responsibility for everyone to contribute to the treasury through taxation.

He also encouraged individuals to take advantage of tax measures that waive penalties for those who voluntarily disclose their tax obligations to ZRA, as this will help improve compliance.

Representatives from the Copperbelt Chambers of Commerce and Industry expressed appreciation on the meeting, describing the engagement as constructive and vital for open dialogue.

The meeting reinforced the government’s dedication to creating a conducive environment for investment, aligning tax policies with the realities of driving economic development through increased tax compliance.