The Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, has reaffirmed the government’s commitment to implementing smart invoicing as an essential strategy to tackle tax fraud and improve revenue integrity During his keynote address at the Zambia Institute of Chartered Accountants (ZICA) Pre-Annual General Meeting Workshop in Livingstone, Dr. Musokotwane pointed out the rising incidence of invoice manipulation and stressed the government’s strategic emphasis on digital solutions to combat this issue
‘The Value Added Tax (VAT) system has provided significant advantages, but the adoption of smart invoicing will further enhance transparency and eliminate loopholes that facilitate fraudulent activities,’ he stated. Dr. Musokotwane urged the accounting profession to collaborate closely with the government in executing this system, highlighting that such cooperation would be vital in addressing challenges and ensuring the success of the reform.
