Opposition Golden Party of Zambia President, Jackson Silavwe, has called on government to rethink the current tax bands for workers in order to unlock the country’s economic potential.
When delivering Zambia’s 2024 Budget Speech in September 2023, Finance and National Planning Minister, Situmbeko Musokotwane, announced the increase on the exempt threshold for Pay as You Earn from K4,800 per month to K5,100, and reduced the top bracket band rate from 37.5% to 37.0% and indicated other bracket adjustments.
But Mr. Silavwe says the current tax bands are still too high, saying Zambian workers continue to pay more taxes to the treasury compared to all companies put together.
“Taxes in Zambia have killed real possibilities of both human and economic prosperity, locking the country in a gruesome economic headache for any Government,” said Mr. Silavwe in a statement issued to RCV News in Lusaka today.
He said reduced taxes will increases consumer spending due to increased household disposable income, thereby growing the country’s economy.
Mr. Silavwe also said lowered taxes will contribute to the reduction of local households poverty and crime rates in communities.
He urged government to start taxing the right industries and give a relief to the workers.
By Eva Hatontola
