Dr. Situmbeko Musokotwane finally does something brilliant on Export Proceeds Tracking Framework (EPTF)
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President Hakainde Hichilema swears Dr. Situmbeko Musokotwane as Finance Minister at State House in Lusaka
By Nkonkomalimba Kapumpe
Before one exports they must have a Tax identification number connected to Zambia Revenue Authority (ZRA).
ZRA then connects to Bank of Zambia (BoZ) to make sure all exports invoices are paid into a Zambian account. This is a brilliant idea and is an animal called Export Proceeds Tracking Framework (EPTF).
So, if First Quantum Minerals (FQM) sales US$2 billion that money has to pass through a Zambian Bank account.
They are then free to do whatever they wish, even sending funds to other countries. What this means in principle is that the dollar will always be available as long as we are exporting. It’s like moving close to the river and getting the benefits.
This will fight against the depreciation of the Kwacha within the first quarter of the year. This will make sure we are monitoring all our exports , we have alot of minerals that go out of this country with no records. I pray this is extended to Tourism, we have alot of foriegn companies getting paid outside the country for Zambia’s tourism and Agriculture. I have not read the entire document but I hope their are no exemptions. This is now the Musokotanwe of MMD.
Its also increase all air space security for the mines in Zambia. We don’t want to hear of planes flying out of FQM and Mkushi straight into South Africa or outside Africa without any inspection. Boarder space land / air must be monitored and computerised. And Anti-Corruption Commission (ACC) must be on high alert kuma corrupt ZRA boarder employees. I would also like to know about the compliance office and what punishment will be placed on offending companies?
This is a brilliant idea but we need all “system go”, otherwise it will fail. It was also good to hear that all uniforms for Goverment will be bought locally. Let’s encourage the Goverment and push more on the local market. If you happen to be a follower of my posts, you notice these are the things we have been fighting for, for years now. Next time they should commend me as they are my ideas Kiki.
I think debt restructuring delay is working in our favour, it has forced Zambia’s Seventh (7th) Republican President Hakainde Sammy Hichilema (HSH7) and Finance Minister Dr. Situmbeko Musokotanwe to concerate more on local solutions we have always demanded.
The Data From Export Proceeds Tracking Framework (EPTF) the Economic Freedom Fighters we will come use to see what to Nationalise or Restrict to Zambian Businessmen.
