THE BUSINESS fraternity in Monze has welcomed the introduction of Statutory Instrument 125 of 2020 on Value Added Tax, which has added petrol and diesel to the list of zero rated products.
The Order which was issued by the Ministry of Finance and came into effect on 1st of January 2021 is aimed at stabilizing fuel pump prices in the country. Monze District Business Association Chairperson Jonathan Mwila tells Zibani Zambia that the decision is brave as it entails a loss of revenue for government but is a gain to consumers.
Mwila is however skeptical as to whether the move will have trickle down benefits, observing that Zambian business houses are notorious for not reducing prices.
Meanwhile, Taxi Drivers Committee Spokesperson Kopa Kamzimbi is hopeful that the decision will lead to a reduction in the fuel pump price. Kamzimbi says the move will also translate into a significant reduction in the cost transportation, hence boosting economic activities in the country.