JOHANNESBURG, SOUTH AFRICA (ADV) – The Zambian government is considering an introduction of a new tax called the Goods and Services Tax (GST).
Finance Minister Margaret Mwanakatwe said the GST concept paper would be circulated for public analysis and feedback, after completion of the drafting process.
In a statement, Finance Ministry spokesperson, Chileshe Kandeta, said feedback on the GST concept paper would be circulated before the final design of the proposed measure is presented to Parliament in form of legislation, for debate and consideration.
Mwanakatwe has directed the Budget and Economic Affairs Division to continue overseeing the policy engagement and consultation process with stakeholders in order to finalise the concept paper and draft legislation tax.
“We have also developed a monitoring dashboard for implementation of austerity measures so that we track the efforts that are being taken by all public entities in complying with the presidential guidance,” said Mwanakatwe.
The Goods and Services Tax is a value-added tax levied on most goods and services that are sold for domestic consumption.
It is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.
© Bur-JHB – N.N – African Daily Voice (ADV) – Follow us on Twitter : @ADVinfo_en
