- April 30, 2022
- Posted by: Mildred Chama
- Category: ZRA News
The Zambia Revenue Authority (ZRA) is resolved to enhance information sharing and stakeholder engagement with insurance firms to enhance compliance.
Speaking when he officiated at the Insurance Association of Zambia workshop today, ZRA Commissioner Direct Taxes, Mr Joseph Nonde, stated that the Authority aims at create a much stronger and sustainable foundation on which stakeholders and ZRA can provide sustainable data and information to each other. this will be attained by identifying and enhancing the relevant capacities existing in stakeholder institutions.
“An improved coordinated program of knowledge sharing will provide the ZRA and policy makers with better information with which to make decisions relating to taxation of the insurance industry in Zambia. his will provide the ZRA with well-researched information about matters related to tax administration and policy,” Mr. Nonde said.
He acknowledged that ZRA was aware that some of the insurance companies are facing some challenges regarding return and payments compliance hence the workshop with a view to provide solutions.
And speaking at the same function Insurance Association of Zambia Executive Director Nkaka Mwashika, acknowledged the important role the insurance sector plays in the national Economy.
“We believe that we are part of the larger finance ecosystem, that must work together to grow our economy. The private sector and public institutions have distinct but complementary roles to play in our national development, Dr. Mwashika said.
He also observed that there was need for the general to utilise the services of the Insurance companies for the sector to contribute more through taxes.
Also speaking when he closed the workshop, ZRA Director- Design, Monitoring and International Relations (DMIR) Richard Kapasa emphasised the need for continued and deliberate dialogue with key stakeholders in order to have specialised information that would inform the formulation of tax policies.
The workshop was attended by various insurance and reinsurance firms.