… introduction of TPIN has increased taxpayer compliance
The Zambia Revenue Authority (ZRA) says the measure for financial institutions requiring all bank account holders to obtain a Taxpayer Identification Number (TPIN) is aimed at increasing taxpayer compliance.
ZRA Commissioner General, Kingsley Chanda says paying tax is the responsibility of every citizen and ZRA needs to track all those in receipt of undeclared income such as foreign dividends and interest.
Mr. Chanda says the measure by government will facilitate provision of information from financial institutions to ZRA in times of need.
He says Government has made it clear that it will not be deducting a specified amount per month from bank account holders as a result of this measure contrary to what is circulating in certain media circles that government wants to start taxing account holders.
Government last year, made it mandatory for financial institutions registered under the Banking and Financial Services Act to require all bank account holders to obtain a Taxpayer Identification Number from ZRA.
The Authority has encouraged people without TPINs to obtain one as it is now mandatory for every person to have a TPIN.
The same TPIN can also be used for other transactions like importing a car or other goods or during transfer of land and other properties.