by Mukosha Funga on 20 Apr 2019by Zondiwe Mbewe on 20 Apr 2019by Mukosha Funga on 19 Apr 2019by Sipilisiwe Ncube on 19 Apr 2019
- Goal Diggers
by Abraham Kalito on 27 Mar 2019by Abraham Kalito on 26 Mar 2019by Abraham Kalito on 26 Mar 2019by Abraham Kalito on 26 Mar 2019
by Diggers Correspondent on 19 Apr 2019by Stuart Lisulo in Lumwana on 19 Apr 2019by Mirriam Chabala on 19 Apr 2019by Stuart Lisulo in Lumwana on 18 Apr 2019
by Zondiwe Mbewe on 19 Apr 2019by Zondiwe Mbewe on 19 Apr 2019by Zondiwe Mbewe on 19 Apr 2019by Zondiwe Mbewe on 18 Apr 2019
- Editor's Choice
by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019by Diggers Reporter on 17 Jan 2019
by Diggers Editor on 19 Apr 2019by Diggers Editor on 18 Apr 2019by Diggers Editor on 17 Apr 2019by Diggers Editor on 16 Apr 2019
by Felix Kashweka on 2 Apr 2019by Thomas Mulenga on 29 Mar 2019by McQueen Zaza on 26 Mar 2019by Zindikilani Banda in Sinda on 20 Mar 2019
- Guest Diggers
by Dr Munyonzwe Hamalengwa on 18 Apr 2019by Chisoni Mumba, PhD on 14 Apr 2019by Dr Chisoni Mumba, PhD on 28 Mar 2019by Sishuwa Sishuwa on 25 Mar 2019
Weed out rogue accountants, ZICA urges govtBy Stuart Lisulo on 20 Dec 2018
The Zambia Institute of Chartered Accountants (ZICA) says there is need to isolate and condemn the rogue accountants and not the entire profession in public financial management.
And ZICA have cautioned government against rolling out the impending Sales Tax next April in the absence of sufficient information for all stakeholders.
Speaking during the ZICA President’s fourth quarter media briefing on various national matters, ZICA president Jason Kazilimani said there was need for rogue accountants, particularly those who are responsible for theft of public funds, to be isolated and condemned rather than blame the entire profession.
This comes in the wake of several public sector accountants who have been suspended or dismissed in several government ministries for gross abuse of public funds this year.
Among the several cases, government, through the Civil Service Commission, last month dismissed three accounting staff for fraud and theft of public funds at the Ministry of Housing and Infrastructure Development.
But Kazilimani insisted that the rogue accountants needed to be weeded out.
“It is important to appreciate the strategic role accountants play in the financial stewardship of the country and, therefore, require the support of the public. While we appreciate the difficult task the public sector accountants play under difficult circumstances, as a professional body, we expect the public sector accountants to work in accordance with the international code of ethics for professional accountants. It is, therefore, important to isolate and condemn the rogue accountants and not the entire profession,” Kazilimani told the media in the ZICA board room, Tuesday.
He also stressed the need for controlling officers in government ministries to create an environment that should send an early warning signal to detect any variation from expected behaviour.
“While we welcome the dismissal of the accountants emanating from these scandals, we think that more needs to be done, including recovery of the stolen funds as provided for in the Public Finance Management Act of 2018. There is need for the controlling officers to create a control environment that should send an early warning signal to detect any variation from expected behaviour,” Kazilimani argued.
“Further, unless there are serious questions of competence, we do not believe that these accountants misappropriated the funds without the knowledge of their superiors.”
And Kazilimani advised against rushing to introduce the controversial Sales Tax next April in the absence of sufficient information for all stakeholders.
Government has vowed to re-introduce Sales Tax as proposed in the 2019 national budget from April 1 next year despite stiff resistance from a broad range of stakeholders, in a bid to avoid paying VAT refunds, especially to mining companies, who are still owed around US $600 million.
“As we consider the introduction of Sales Tax, it is important to take stock of how the system will be implemented with minimal interruption to business and the economy. Currently, there is lack of information about how it will be implemented, and at what rate, thus leading to investor anxiety and uncertainty in corporate planning, budgeting and forecasting,” observed Kazilimani.
“There are fears that most businesses, especially the mines, may react by scaling-down their operations. The lack of certainty in the Sales Tax system negates the fundamental principle of a good tax system. We think that in the absence of further consultation and thorough research, the proposed system should not be rushed, but instead the (Finance) Minister (Margaret Mwanakatwe) must carefully study the rates to be applied, the period of transition and the framework for the Sales Tax system.”
About Stuart Lisulo
Stuart Lisulo is an experienced Zambian journalist with a focus on business news.
Email: stuart [at] diggers [dot] news
- KCM freezes new recruitment - 17 Apr 2019
- World Bank picks Zambia to pilot human capital project - 15 Apr 2019
- Kwacha tumbles on World Bank growth downgrade - 15 Apr 2019
- CEC Africa posts K3 billion loss - 15 Apr 2019
- It’s now much harder to steal public funds, says Mwanakatwe - 15 Apr 2019
Subscribe for email alerts
ArchivesMay0 PostsJun0 PostsJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend