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ZRA, DEC confiscates K9.4m from businessman Kasanda’s bank account

Filed under: Breaking News |
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The Zambia Revenue Authority (ZRA) and the Drug Enforcement Commission (DEC) are seeking to confiscate over K9.4 million in alleged unpaid taxes from AFME Metal Exchange Limited, a company owned by Shadrick Kasanda.

The company, where Kasanda holds significant roles as a shareholder and director, allegedly received unexplained funds from overseas sources and did not pay taxes on the income.

ZRA says it has completed an in-depth tax investigation and audit into the tax compliance of AFME Metal Exchange Limited, authorities revealed a substantial assessment of over K52.4 million.

ZRA has issued a notice under the VAT Act (cap 331), Customs and Excise Act (cap 322), and the Income Tax Act (cap 323), aiming to seize K9,433,000.00 found in a bank account held by AFME Metal Exchange Limited.

According to a joint statement issued by ZRA corporate communications Manager Oliver Nzala and DEC public relations officer Mwenge Mulenga, DEC blocked the account, and ZRA seized the funds to offset the total assessment of K52.4 million owed based on the investigation into its tax compliance.

“This 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,” the statement read.

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