Tax avoidance worries Yamba

Mr Yamba cites one such concern as the retail sector whereby traders are making sales of vat-able products without issuing authorized receipts to their clients.

He says through this practice, the Government is losing the much needed revenue required for financing employment creation, poverty reduction and social sector programmes.

He says it is a legal duty for every trader and person in a business which meets the relevant threshold to issue official sale receipts and tax invoices.

Mr.Yamba has appealed to the general public to ensure that as much as possible, receipts generated from cash registers were obtained from traders so that the much needed tax revenue is collected for the benefit of all Zambians.

He states that the action to request for receipts is a civic duty and an important manifestation of patriotism because when traders do not issue receipts, it leads to low VAT revenue collections from the retail sector.

The Secretary to the Treasury has encouraged operators of small businesses to register their entities, citing formalization of businesses as one way in which Government not only generated pooled income for the economy, but also gave businesses opportunities to access the many financial and capacity building interventions offered to the development of the private sector, especially Small and Medium Scale Enterprises.

Mr. Yamba made the statement in his latest Weekly Treasury Information Brief issued yesterday.

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