LUSAKA: ZAMBIA has intensified measures to monitor tax revenue administration to promote transparency in the mining sector.
This follows the signing of a whopping K39 million grant agreement between the government and Norway. Secretary to the Treasury, Fredson Yamba, confirmed the latest development, which the mining industry is expected to embrace.
“This will ensure effective and comprehensive refinement of PFM, the reforms will target integrated improvements in planning and budgeting, financial management information system, cash management, public procurement, internal audit and control, revenue administration, strengthening tax policy formulation and program management,” Yamba said.
Mining is Zambia’s economic backbone. However, it is widely believed that the tax revenue administration needed revamping in order to cultivate confidence between the extractive industry investors and government.
It is believed the latest development would help boost the implementation of the Public Financial Management (PFM), which aims to reform the mining sector.
SOURCE: CAJ NEWS AGENCY