by Sipilisiwe Ncube on 24 May 2019by Mirriam Chabala on 24 May 2019by Zondiwe Mbewe on 24 May 2019by Sipilisiwe Ncube on 24 May 2019
- Goal Diggers
by Mirriam Chabala on 24 May 2019by Mirriam Chabala on 24 May 2019by Stuart Lisulo on 23 May 2019by Guest Digger on 22 May 2019
by Zondiwe Mbewe on 24 May 2019by Joseph Mwenya in Kabwe on 24 May 2019by Zondiwe Mbewe on 24 May 2019by Zondiwe Mbewe on 24 May 2019
- Editor's Choice
by Diggers Correspondent on 24 May 2019by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019
by Diggers Editor on 23 May 2019by Diggers Editor on 22 May 2019by Diggers Editor on 21 May 2019by Diggers Editor on 18 May 2019
by Sipilisiwe Ncube on 23 May 2019by Sampa Kabwela on 18 May 2019by Felix Kashweka on 16 May 2019by Zondiwe Mbewe on 26 Apr 2019
- Guest Diggers
by Guest Digger on 22 May 2019by Chibamba Kanyama on 21 May 2019by Dr Munyonzwe Hamalengwa on 19 May 2019by Rueben Lifuka on 16 May 2019
ZRA freezes Lamasat accounts over K14m debtBy Joseph Mwenda on 11 May 2017
The Zambia Revenue Authority has written to Finance and Barclays Bank, ordering the financial institutions to freeze the accounts of Lamasat International Ltd over unpaid taxes amounting to K14 million.
According to a garnishee order signed by director for treasury Benjamin Simpungwe, ZRA wants the banks to remit any monies in the company accounts to the Revenue Authority.
“Notice under section 23 of the VAT Act (Cap 331), section 171 of the Customs and Excise Act (Cap 322) and section 84 of the Income Tax Act (Cap 323) In respect of Tax arrears owed by: Lamasat International limited. Take notice that the taxpayer stated above is indebted to the Zambia Revenue Authority to the extent indicated K14,081,602.46,” Simpungwe stated.
“You are therefore, served with this notice requiring you to block all debit and transactions and immediately remit to Zambia Revenue Authority the balance from the accounts of: Lamasat International limited held with your bank.
Transfer is to be made to the accounts as per attached RTGS and PRN. When the funds have been transferred, kindly notify the company directors, director Treasury – Zambia Revenue Authority and assistant director ZRA Debt recovery Unit.”
ZRA further warned of consequences if the banks did not comply with the garnish order.
“The Zambia Revenue Authority shall notify you when this matter is cancelled, as soon as the Tax has been discharged. Your attention is drawn to the attached extracts from the VAT Act, Income Tax Act and Customs and Excise Act, which outline the powers invoked above and sets out the consequences of none compliance with this notice,” stated Simpungwe.
In January this year, the Lusaka High Court intervened when Finance Bank Zambia moved to recover its US$13 million loan debt from Lamasat International Ltd.
Lamasat had sued Finance Bank, seeking an order to vary or restructure the settlement terms of the loan facility dated April 13, 2016 to a monthly installment of US$75,000 over 60 months.
The company complained that on January 26, it received a letter from Finance Bank demanding settlement of US$12,229,065.63 on its term loan facility and arrears of overdrawn account facility within 14 days and that failure to make the payment would prompt them to appoint a receiver/manager to recover the debt.
Lamasat added that it was in the process of selling some of its properties to improve its cash-flows, which would assist in honouring its obligations to the bank.
Lamasat International Ltd is a manufacturing company of pipes and polypropylene bags. It was registered in 2002 and boasts of employing about 900 employees.
According to the Lamasat website, however, the company “has grown with investments of over US$ 60 million with a diverse range of products and services, with annual turnover having crossed the US$ 40 million mark in 2012” and “enjoys support from the Zambian government” under an Investment Promotion and Protection Agreement.
About Joseph Mwenda
Joseph Mwenda is a Zambian journalist experienced in political news writing, photography and video editing.
Email: joseph [at] diggers [dot] news
- Mansa man gets 20yrs for Arson - 17 May 2019
- Dialogue Forum extended again - 12 May 2019
- Kasolo marshals scribes into a media regulation Indaba - 10 May 2019
- Mwashingwele’s death a shock – HH - 2 May 2019
- Court to rule on case to answer in GBM “Lungu’s throat” matter - 25 Apr 2019
- I’ll give 3 bedroom house to anyone with proof that I sold mines – HH
- Zesco lacks visionary leadership to navigate climate change – CK
- CTPD urges govt to be cautious with KCM liquidation
- There was no situation to warrant teargas at UNZA, cop tells Vespers inquiry
- I expected acquittal, says Mukata’s lawyer
Subscribe for email alerts
ArchivesJun0 PostsJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- May 2019
- 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