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Govt drafts the new Goods and Services Tax

SUN BUSINESS REPORTER writes

@SunZambian

GOVERNMENT has made steady progress towards the drafting the Goods and Services Tax (GST) that will come in effect on 1st April, 2019, says finance minister Margaret Mwanakatwe.

Ms Mwanakatwe says her ministry had come up with a draft legal framework that was yet to be approved by cabinet before the end of this month.

She told journalists in Lusaka recently that once cabinet approved the document, it would be circulated widely for public analysis and feedback before it was presented to parliament for debate and consideration.

Ms. Mwanakatwe reiterated that the introduction of goods and services tax will significantly contribute towards improving cash retention.

Last year Finance Minister Margaret Mwanakatwe announced during the 2019 budget presentation that government will abolish value added tax (vat) and replace it with a non-refundable sales tax in April 2019, a move likely to help the government boost revenue collection and bring down mounting debt.

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