ZICA TO CONTINUE TO HIGH STANDARD OF ACCOUNTING AND TAXATION PRACTICE

By Daily News Reporter

The Zambia Institute of Chartered Accountants - ZICA Has said that it will continue to promoting high standards of accounting and taxation practice in Zambia.

Speaking during the official opening of ZICA tax updates workshop in Lusaka which aims of providing attendees with the latest information and guidance on tax laws and regulations that affect businesses and the accounting profession, ZICA Chief Executive Officer, Anthony Bwembya said Compliance with tax laws is the cornerstone of good corporate citizenship for businesses and unwavering patriotism for a professional accountant.

Bwembya said ZICA recognises this crucial role that accountants and the business community play in the tax value chain adding that tax collection process is incomplete without accountants and as such, ZICA will always endeavour to keep its members abreast of the latest developments in tax legislation. "This is the reason why tax workshops will continue to be an annual feature on the institute's CPD calendar."

Bwembya said the workshop was designed to be interactive and fit-for-purpose, aimed at achieving dual objectives of raising tax compliance and maintaining professional knowledge and skill at the required level.

"Our nation is confronted with many constraints hampering our attempts to increase tax revenue. The high proportion of the informal sector, coupled with high levels of debt and the structure of the economy, have a severe bearing on the domestic tax effort." He said.

“Through this ZICA workshop is to provide a platform where businesses and accountants can learn and interact directly with policy setters, policy enforcers, and tax experts." Said Bwembya.

The event featured resource persons and facilitators from EY, KPMG, PwC, ZRA, BOZ, Ministry of Finance and Ministry of Justice, who are experts in their respective fields and shared their expertise with attendees, and provided a platform for businesses and accountants to learn and interact directly with policymakers, policy enforcers, and tax experts.