Zambia’s revenue collection agency has dismissed reports that it intends to collect tax from bank account holders in the country.
It prompted some local media reports to suspect that the move was a government ploy to deduct money for tax purposes from bank account holders.
But the revenue agency said the requirement for bank account holders to obtain a TPIN was aimed at increase taxpayer compliance and not to tax bank customers.
Kingsley Chanda, ZRA commissioner general, said in a statement that the measure was meant to facilitate provision of information from financial institutions and to help in tracking all those in receipt of undeclared income.
Finance Minister Felix Mutati announced early this year that it would be mandatory for financial institutions registered under the Banking and Financial Services Act to request all bank account holders to obtain a TPIN from the revenue agency. Enditem