PUBLIC Service Micro Finance Company (PSMFC) Chief Executive Officer Mubanga Mwiko has assured the nation that his institution will successfully handle the debt swap exercise for civil servants owing various financial services.
Mr. Mwiko said his firm had experience in the exercise as it would be the third time to execute loan book transfers.
He said this when Zambia’s Ambassador to Ethiopia Emmanuel Mwamba paid a courtesy call on him in Lusaka.
Mr. Mwiko said the company was currently giving out 5 year term loans at five percent interest rate.
He said introduced building materials loans operationalized this year which has been welcomed greatly by the Public Service Workers as it assisted in enabling them complete their various structures such as houses.
And Zambia’s Ambassador to Ethiopia Emmanuel Mwamba said he was happy to note that the institution had grown exponentially in the eight years of it’s existence from the time the PF Government created it in 2013.
Mr. Mwamba was further delighted to note that public servants below the Vice President to the lowest ranking were being serviced with duty free motor vehicles payable in five years.
He congratulated the bank for introducing short term cash solutions for public servants that would pay back within six months for challenges such as school fees, funerals and other emergencies.
ERB maintains prices for all petroleum products
THE Energy Regulation Board (ERB) has maintained the pump prices of Petrol, Diesel, Jet A-I and Kerosene.
The prices in December 2023 for Petrol, Diesel, Jet A-I and Kerosene will be K29.98 per litre, K29.96per litre, K29.29per litre and K20.44 per litre respectively.
ERB Board chairperson Reynolds Bowa made this announcement this afternoon.
He said the prices have been maintained because the changes in the two key fundamentals that determine domestic prices of fuel, that is, international oil prices and exchange rate of the Kwacha against the United States Dollar, resulted in changes in the domestic fuel prices that were below the set threshold of 2.5 percent.
Mr Bowa said the price of Kerosene has been maintained on account of sufficient national stocks.
“During the period under review, the international oil prices declined. The decline was mainly caused by speculation about projected global oversupply of oil following the re-commencement of exports by Russia. The decline in prices was also caused by the build-up in domestic stocks in United States and China, which slowed down international oil trading and demand.
The benefit of the decline in international oil prices was, however, cancelled by the depreciation of the Kwacha, during the price review period. The average exchange rate depreciated by 6.77%. The depreciation was mainly attributed to sustained excess demand for foreign exchange from sectors such as manufacturing and energy, against constrained supply,” he said.
(Mwebantu, Thursday, 30th November, 2023)
ZRA unearths alleged tax evasion scheme at Spax mining limited in Chingola
THE Zambia Revenue Authority (ZRA) has uncovered a suspected tax evasion scheme involving fraudulent recovery of input Value Added Tax (VAT), underpayment of Mineral Royalty and non-disclosure of income orchestrated by Baba Kabaso Mulenga, the proprietor of Spax Mining Limited in Chingola.
ZRA corporate communications manager Oliver Nzala said the investigation, prompted by recent revelations and credible intelligence, has revealed a series of concerning activities that point towards non-compliance and estimated financial losses for the government of over K8.8 million for VAT fraud.
He said main allegations against Spax Mining Limited and Mr Mulenga relate false VAT inputs.
Mr Nzala said investigations revealed that Spax Mining Limited has, through fraudulent means, been making false claims of Value Added Tax (VAT) inputs.
He said the company allegedly submitted misleading information related to VAT inputs, resulting in an estimated loss of over K8.8 million in tax revenues for the country.
“Furthermore, despite significant mineral operations, Spax Mining Limited has reportedly failed to make substantial mineral royalty payments. The company has no export records to indicate that minerals have been traded or exported from the country, raising concerns about adherence to legal obligations and fair business practices.
The search was aimed at obtaining evidence to prove or disprove the noted allegations against Spax Mining Limited and its directors. The discoveries are pointing towards discrepancies in reported production and actual copper operations. Preliminary findings indicate the possibility of active copper extraction not accurately declared to the ZRA, contrary to the company’s declarations,” he said.
Mr Nzala said the authority has embarked on a rigorous compliance enforcement programme to ensure that correct taxes are accounted for the benefit of all Zambians.
(Mwebantu, Wednesday, 29th November, 2023)
Confucius Institute Recruitment Fair at UNZA: China-Zambia Cooperation Creates New Opportunities
Recently, China National Building Materials (CNBM) Zambia Industrial Park was honoured to participate in the talent fair sponsored by the Confucius Institute of the University of Zambia and co-organized by the Zambia Chinese Association. More than 80 Chinese and Zambian enterprises participated in the event, and thousands of applicants came to look for jobs, becoming a business card of attention in the new era of China-Zambia cooperation.
CNBM Zambia Industrial Park was present at the job fair, aiming to explore and cultivate local potential talents, create more job opportunities, and provide diversified career development paths for local young people. They attached great importance to it, fully taking into account the needs of the enterprise talent reserve, and carry out thorough preparatory work.
At the job fair site, the staff warmly received and patiently answered, not only providing job seekers with detailed corporate information and job recruitment information, but also creating opportunities for them to deeply understand the company and employment opportunities. Thousands of job seekers have also expressed their desire to join this big family and realize the common growth of individuals and enterprises after learning more about CNBM Zambia Industrial Park.