The Zambia Institute of Chartered Accountants -ZICA- has commended the Financial Intelligence Centre -FIC- for exposing illicit financial activities in it Financial Trends Report.
Speaking at a media briefing, ZICA President Jason Kaziliman says contrary to attacks on FIC by some stakeholders, focus should be on arresting the reported illegal financial transactions saying the institution’s is following its basic practice.
Mr. Kaziliman has wondered how the publication of the trends report can jeopardize the operations of other investigative wings when the no names have been mentioned in the report.
Mr Kaziliman has observed that the sales tax amendment bill in its current form could lead to an escalation of the price of goods and services to up to nine percent through the cascading effect of sales tax along the value chains of goods and services.
He has urged government to change the effective implementation date of sales tax to January 2020 so as to enable any required systems changes to be made and allow a period for better budgeting and forecasting with known sales tax rates.
He has further reminded the business community and the general to respond to governments call for tax and non-tax proposals for the 2020-2021 medium- and medium-term budget framework.
The 2018 Financial Intelligence Center report has revealed an increase in organized corruption and money laundering.