Stanbic commits to assisting customers navigate the export proceeds tracking framework

Stanbic Bank has committed to assist its customers navigate through the newly-introduced Export Proceeds Tracking Framework, which requires that all exporters route export earnings through a bank account domiciled in the country.

The bank expressed believe that it had the capacity to assist its clients to navigate the new directive and explain how the account and process worked.

This is according to Stanbic Bank’s Head of Corporate and Investment Banking (CIB), Helen Lubamba, at a Tax & Regulation Client Town Hall session on Tuesday in Lusaka.

She noted the bank’s commitment in sensitising and helping its customers to understand how the framework account operated to ensure seamless transactions.

The framework, which came into effect on January 1, 2024, is currently being implemented by the Bank of Zambia.

“As a bank, we are key stakeholders in the successful implementation of the Export Proceeds Tracking Framework and our role is to provide accurate details of exports to Bank of Zambia.

“As a critical stakeholder in this policy direction, we have the mandate of assisting our clients to navigate the new directive and explain how the Account and process works. We believe hosting town halls, such as this one, will help to unpack and share more details on the operations of the Export Account,” Lubamba said.

She also pointed out that the bank had been and continued to play a significant part of Zambia’s economic growth.

At the same event, Deloitte Zambia Associate Director, Tax & Legal, Liywalii Kanyimba, noted some of government’s initiatives meant to expand the tax base and increase technology use to support revenue mobilisation efforts through increased compliance.

Key examples noted included the implementation of the electronic invoicing system to cut across all tax types, effecting strategies and a legal framework to implement Cross-Border Electronic Services taxation.

Others were exploring the global development in digital services taxation for income tax and introduction of a unified Tax Administration Act that would assist in harmonising of tax treatments across different tax types.

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