Government loses K2.9 million through VAT refund frauds
By NATION REPORTER
THERE was a deficit of K2, 975.95 million on Value Added Tax (VAT) in government’s 2022 financial year, the Public Accounts Committee has revealed.
The negative outturn for domestic VAT was driven by low payment compliance by withholding VAT agents.
“As at the end of 2022, over K10 billion in withholding VAT was withheld by the agents but not remitted to Zambia Revenue Authority (ZRA),” the Committee Report read.
The deficit in the collection of revenue was also attributed to the increased refund payments in the year at a monthly average of K1, 350 million, which was higher than the 2021 monthly average of CLICK HERE TO READ MORE
