Sorry we signed it before we were ready to implement SI 32- Chikwanda

The Government has rescheduled the effective implementation date of SI 32 of 2013, from Thursday 16th May, 2013 to Monday 1st July 2013.

Finance Minister Alexander Chikwanda says that the amended implementation date is contained in Statutory Instrument Number 35 of 2013, which has been gazetted today.

Mr. Chikwanda explains that apart from enabling the Bank of Zambia to complete the setting up of an electronic monitoring system.

He said that the measure will give room to Financial Service Providers and other relevant stakeholders to establish systems for complying with the provisions of Statutory Instrument Number 32 of 2013.

This is according to a statement to ZANIS signed by the ministry’s Public Relations Officer Chileshe Kandeta, today.

Statutory Instrument Number 32 of 2013 will now be read together with Statutory Instrument Number 35 of 2013.

“As a listening Government, it has become incumbent for us to allow our people and all concerned to reflect and fully acquaint themselves with the provision of the Statutory Instrument and its application requirements,” said Mr. Chikwanda.

“I wish to reiterate that the spirit of the Statutory Instrument is to enhance transparency and accountability in the conduct of business, increase compliance with tax obligations among businesses and plug leakages currently existing in the Foreign Exchange Market.

“It will also assist us to enhance the integrity of the Balance of Payments data in Zambia, a critical ingredient in effective policy formulation and economic management,” he added.

The Minister has instructed the Bank of Zambia to step up sensitization efforts so that all affected stakeholders and the general public are on board by 1st July 2013.

On the 29th April 2013, Government issued the Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013, Statutory Instrument Number 32 whose effective date was 16th May 2013.

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