Zambia revenue agency to freeze bank accounts without tax numbers

Source: Xinhua| 2017-07-28 18:13:18|Editor: Zhou Xin
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LUSAKA, July 28 (Xinhua) -- Zambia's revenue agency warned on Friday that it will freeze all bank accounts holders without Tax Payer Identification Number (TPIN) by the end of this year.

The Zambia Revenue Authority (ZRA) said having a TPIN was a pre-requisite to all procedures of tax registration and that all bank account holders without the identification numbers will have their accounts frozen by December 31, 2017.

Topys Sikalinda, the tax agency's corporate affairs manager said in a statement that it was a requirement by law for all citizens with a bank account to have a TPIN which should be submitted to their respective banks for inclusion in their details.

He, however, clarified that those with TPIN will not be taxed from their bank accounts but the procedure was meant for an identification initiative for all tax compliant citizens.

"All the money deposited into individual bank accounts is already taxed and there, the acquisition of a TPIN will not lead to double taxation," he said.