Like any other overhead, tax is a cost that needs to be managed and controlled by all businesses in as efficient a manner as possible to ensure the business is sustainable. This is of paramount importance to small and medium sized enterprises (SMEs) given its effect on cash-flows and the day to day running of the business.
Every business needs to understand right from the start-up stage the need to know what taxes to register for, how to register their business, understand what taxes to register for, when to pay, how to make the returns and how much to pay. It is the responsibility of the business owner or managers, to ensure that proper books and records are kept, that your business is tax compliant and that tax returns are made annually. Failure to do so can result in fines in the form of interest and penalties being applied to unpaid and undeclared returns and the risk of publication of names of defaulters.
The tax businesses pay are an important part of the Zambian Economic System and play a key role in the development of our country. Paying taxes should be regarded as a critical element of the business commitment to grow in a sustainable, responsible and socially inclusive way. A business ought to be compliant and aim to pay the right amount of tax at the right time, on the profits made, and in the countries where they create the value that generates those profits.
This means that business owners must:
• Respect the tax laws applicable in Zambia
• Prepare and file all tax returns in the form specified and at the time required
• Prepare and retain the documentation required by the tax laws or which will be needed to answer any questions raised by ZRA personnel
Our course helps you understand the different types of taxes applicable to your business at each stage of the business life cycle; the main taxes being Income tax, Value Added Tax, PAYE and turnover tax.
It also provides participants with insights on how to;
i. Register for taxes,
ii. Use the ZRA online Platform,
iii. Calculate taxes due,
iv. Plan for future taxes
This course is made available between April and June, with reference to our events calendar on the exact dates.