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Goods and Services Tax will eliminate VAT refunds, says Mwanakatwe

FINANCE minister Margaret Mwanakatwe says the introduction of the Goods and Services Tax [GST] on April 1 is not only a path of best practice but it will also eliminate the unsustainable and laborious process of VAT refunds.

Speaking when the Zambian delegation toured mining sector exhibition stands at the on-going 2019 Mining Indaba, in Cape Town, South Africa, Mwanakatwe said Zambia was following best practice and ensuring that the public was fully engaged before the implementation date.

“We are constantly in a refund position; it is unsustainable, hence us going to GST, just like America, just like Australia, just like India, just like Malaysia. Zambia is following best practice and we are ensuring that we can fully engage the public before the implementation date [1st April, 2019],” she said according to Ministry of Finance spokesperson Chileshe Kandeta.

Mwanakatwe said the public and private sectors should strengthen their partnerships in developing Zambia and marketing the country’s wealth creation prospects to citizens, the region, and offshore.

Among the Zambian stands visited were those of the Copperbelt Energy Corporation, ZCCM-IH, Vedanta – Konkola Copper Mines, and the Ministry of Mines and Minerals Development.

During the Mining Indaba, the delegation attended various sessions and held country promotion side events at which economic policies and programmes were explained.

Mwanakatwe described the Indaba as a good platform for investment promotion.

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