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The Zambia Revenue Authority (ZRA) has initiated the first phase of its E-Bonds system, automating the issuance of bonds to enhance efficiency and transparency in trade facilitation.
ZRA Commissioner-General, Dingani Banda, announced that the second phase of the e-bonds system was expected to completed by December this year.
Speaking at the Insurance Brokers Association of Zambia (IBAZ) dinner gala in Lusaka on Friday, Banda highlighted that the Auditor General’s reports had consistently pointed out irregularities in the administration of bond removals and transit transactions guaranteed by private sector entities, including insurance firms.
These irregularities, he noted, had contributed to significant revenue leakages for the government.
“The e-bonds system, once fully implemented, will foster transparency, accountability, and integrity in trade facilitation operations secured by guarantors, including insurance firms,” Banda stated.
In addition, Banda announced the successful implementation of the Coordinated Border Management (CBM) model at the Kazungula and Chirundu border posts.
He noted that this initiative aligned with the 2023 budget speech by the Minister of Finance and National Planning, which outlined the government’s plan to streamline border operations and reduce the number of government agencies involved from around 18 to six.
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Banda stated that ZRA, in collaboration with other agencies under the National Trade Facilitation Committee (NTFC), was rolling out the CBM model to additional borders, with a target completion date set for the second quarter of 2025.
He urged the insurance industry, which played a key role at the borders, to align its operations with the innovative CBM model.
“ZRA is dedicated to working with industry stakeholders to enact reforms that balance regulatory requirements with opportunities for innovation and expansion,” Banda assured.
He added that these efforts aimed to create a conducive environment that supported industry growth and encouraged voluntary tax compliance.
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