ZSIC General Clears K138 Million in Tax Arrears to ZRA
ZSIC General Insurance has cleared K138 million in legacy tax obligations owed to the Zambia Revenue Authority (ZRA), marking a major milestone in the company’s financial turnaround.
Managing Director Trevor Jengajenga said the settlement reflects the company’s commitment to compliance, transparency and collaboration with key government institutions.
The cleared liabilities covered Pay-As-You-Earn (PAYE), Value Added Tax (VAT) and Corporate Tax, accumulated over previous years. Mr Jengajenga revealed that the company had been operating under a “Time to Pay” arrangement, making monthly payments of about K1.3 million, which placed strain on its liquidity.
“The successful clearance of our legacy tax obligations is a testament to what can be achieved through collaboration and a shared commitment to national development,” he said.
He added that settling the debt has significantly improved the company’s financial position, strengthening its balance sheet and capital adequacy, and positioning it to enhance claims settlement and overall service delivery.
During a courtesy call, ZRA Commissioner General Dingani Banda commended the insurer for its efforts, while emphasising the importance of tax compliance among State-Owned Enterprises.
Mr Banda noted that although SOEs often face operational challenges, meeting tax obligations remains critical in supporting government programmes and national development priorities.
ZSIC General continues to contribute to the national treasury, remitting an average of K5 million monthly and approximately K80 million annually in various taxes.
