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A joint task force established by the Financial Intelligence Centre (FIC) and the Zambia Revenue Authority (ZRA) is probing suspected tax evasion cases amounting to K320 million.
The task force was formed during the first quarter of 2024 to address ongoing concerns about tax evasion in Zambia.
According to the FIC’s quarterly bulletin for Q1 2024, the investigations revealed that some individuals and entities had, indeed been evading taxes.
As a result, the ZRA issued tax assessments totaling K320 million.
By the end of the first quarter, K29 million had been collected, marking a contrast to the K1.5 billion in assessments issued in the final quarter of 2023.
In addition to the tax evasion inquiries, the FIC has completed and launched a study on “Availability and Access to Beneficial Ownership Information for Law Enforcement Investigations in Zambia.”
This study aimed to evaluate the structure of the Beneficial Ownership (BO) regime and identify any gaps in its implementation.
The study uncovered several issues, including inadequacies in data verification mechanisms and a lack of consistent understanding of BO among various stakeholders.
To address these issues, the study recommended adopting an “All Government Approach” to BO disclosure, increasing awareness and sensitization efforts and involving the private sector more actively in the data verification process.
It is a reported that findings and recommendations from this study are expected to guide improvements in Zambia’s approach to beneficial ownership and enhance the effectiveness of law enforcement investigations related to financial crimes.
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