ZRA AND DEC RECOVER OVER K9.4M IN TAXES FROM AFME METAL EXCHANGE LIMITED

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File Pic:: Kasanda shadrick
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The Zambia Revenue Authority (ZRA), in conjunction with the Drug Enforcement Commission (DEC), has recovered over K9.4million in taxes from a company
linked to Shadrick Kasanda and the Gold scam case.

This follows a comprehensive investigation of the company’s tax compliance, which resulted in an assessment totalling over K52.4million.
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AFME METAL EXCHANGE LIMITED, a company in which Shadrick Kasanda, a co-accused in the gold scam case, holds the position of shareholder and director, received huge unexplained sums of money from overseas sources without declaring taxes on the same.

Kasanda, further withdrew the same amounts in his name without declaring or accounting for any taxes to the Zambia Revenue Authority.

In order to safeguard revenue in taxes, a notice under section 23 of the VAT Act (cap 331), section 171a of the Customs and Excise Act (cap 322), and section 84 of the Income Tax Act (cap 323) was served to forfeit a total of ZMW 9,433,000.00 found in a bank account held by AFME Metal Exchange Limited at a named bank.

This amount represented the sole available funds in the account at the time of the DEC’s seizure.

The account was blocked by the DEC and consequently garnished by the ZRA as payment towards the liquidation of K52,449,413.37 total assessment.

This recovery of the taxes follows a thorough joint investigation conducted by officers from the Drug Enforcement Commission (DEC) and the Zambia Revenue Authority (ZRA).

The investigation focused on AFME Metal Exchange Limited’s tax compliance.

In a joint statement, the two institutions say the development serves as a warning to all entities not complying with the law that Law Enforcement Agencies,
through the Inter-Agency Framework, will visit them.

All taxpayers are, therefore, encouraged to comply with tax laws.

Byta FM

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