Gov’t Urged to Implement Friendly Tax Plan for Economic Growth
In light of recent economic analyses by experts, including economist Mr. Kelvin Chisanga, there is a growing call for the Zambian government to adopt a more friendly tax plan to enhance its domestic resource mobilization strategy.
Mr. Chisanga emphasized the importance of taxation as a tool for national development, but stressed the need for it to be market-friendly. He highlighted the significance of quality tax systems and transparency in the use of public funds to ensure accountability among stakeholders.
“The government should prioritize tax reforms that foster economic investment policies and responsive tax patterns,” Mr. Chisanga stated. He suggested placing emphasis on public-private sector collaboration and promoting a compliance attitude with the Zambia Revenue Authority (ZRA).
Identifying areas of potential growth, Mr. Chisanga underscored the need to incentivize export-driven benefits and bolster primary production sectors. He expressed concern over the dominance of tertiary industries, urging a shift towards revitalizing primary and secondary industries to balance the economy and address forex market challenges.
As the nation realigns its fiscal budget, Mr. Chisanga urged the continued implementation of domestic resource mobilization strategies. He emphasized the importance of strategic taxation incentives to promote inclusive growth and development.
Furthermore, Mr. Chisanga called for a productive investment policy framework to mitigate price shocks and accelerate beneficial public expenditure. He highlighted the importance of wealth distribution to combat income poverty and ensure equitable economic participation among citizens.
The recommendations put forward by Mr. Chisanga and other experts underscore the importance of proactive measures by the Zambian government to stimulate economic growth and foster a conducive environment for sustainable development.
