Accountants applaud FIC for exposing financial crimes

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The Zambia Institute of Chartered Accountants (ZICA) has commended the Financial Intelligence Centre (FIC) for exposing illicit financial activities in its financial trends report.

Addressing the media in Lusaka today, ZICA president Jason Kaziliman says contrary to attacks on the FIC by some stakeholders, the focus should be on arresting those involved in the reported illegal financial transactions.

Kaziliman has wondered how publication of the trends report can jeopardize the operations of other investigative wings as suggested by the drug enforcement commission (DEC) when no names are made public.

Meanwhile, Kaziliman has observed that the sales tax amendment bill in its current form could lead to an escalation in prices of goods and services up to 9% through the cascading effect of sales tax along the value chains of goods and services.

Kaziliman has joined other stakeholders in urging government to change the 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.

Government has proposed July 1st 2019 as the effective date for sales tax implementation.

PHOENIX NEWS

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Start: 2019-07-01 End: 2019-07-31