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The Zambia Revenue Authority (ZRA) has notified all exporters that it had started using the Export Proceeds Tracking Framework which was launched in January this year.
ZRA, in a notice to all exporters, indicated that it started using the framework on May 13, 2024.
This framework is a mechanism for providing that all export proceeds funds had reached a bank account domiciled in Zambia.
ZRA informed exporters that it would validate evidence of payment through the framework.
“Exporters are hereby informed that ZRA will standard rate any export whose proof of payment will not reflect on the tracking framework,” according to ZRA in a notice.
It explained that the new requirement followed the amendment to the principal Rules in Rule 18 by the deletion of paragraph (d) of sub-rule (1) and the substitution therefore of the following:
“Evidence proving that payment for the goods has been received in the bank account in Zambia by availing a document; from an export proceeds tracking framework at a commercial bank in Zambia o from any system approved by the Commissioner-General,” the notice read.
It also indicated that prior to this amendment, sub rule 1(d) state as; “Unless the Commissioner-General shall otherwise allow, a taxable supplier claiming that a supply is zero-rated in accordance with the Value Added Tax (VAT) Zero-Rating Order, on the ground that the supply is an exportation of goods, shall produce to an authorised officer.
“Documentary evidence proving that payment for the goods has been made in the exporter’s bank in Zambia,” it stated.
The ZRA clarified that the amendment to Rule 18 meant that for the exports to qualify for xero-rating, the exporter must prove that payment for the goods exported had been received in a bank domiciled in Zambia.
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