ZRA will not deduct any money from account holders, assures Sichimwi
By Staff Reporter
Zambia Revenue Authority (ZRA) has called on bank account holders to ignore reports that it intends to deduct money from their accounts once they register for the Taxpayer Identification Number (TPIN).
In a statement released to the media yesterday, ZRA assistant Tax Inspector, Bertrand Sichimwi says anyone experiencing deductions as a result of the TPIN registration from their accounts will be reimbursed.
Sichimwi has further encouraged account holders to desist from hoarding money in their homes for fear of their money being taxed.
He said government merely introduced the TPIN in order to increase the tax base towards national development.
Meanwhile opposition United Party for National Development (UPND) has alleged that the introduction of Tax Payer Identification Number (TPIN) by the ZRA will make investing and the economy in Zambia difficult.
Speaking with radio Musiotunya News yesterday, Livingstone’s UPND chairman for politics, Lutangu Fwanyanga said the introduction of the TPIN is likely to badly affect foreign investment.
He reiterated that the move will prompt foreign investors shift their money into offshore accounts due to the monitoring and charge per transaction system effected by government.
Fwanyanga has further alleged that the introduction of the TPIN will cause money hoarding, thereby causing economic constraints as commodity prices will increase.
