Regulatory Alerts2013-01-01
CB Circular 07/2013 Clearing of Non-CTS Cheques for ZRA
The Bank of Zambia directed all commercial banks to accept non-CTS compliant cheques issued in favor of the Zambia Revenue Authority from February 1 to March 31, 2013. This temporary measure facilitates government revenue collection by accommodating taxpayers who had not yet received compliant cheques. Banks are levied a ZMW 50 penalty per non-compliant cheque cleared for ZRA, a cost they must absorb and not pass on to customers.
Share