Maravi

JCTR welcomes recommendation to increase tax exemption threshold

JCTR welcomes recommendation to increase tax exemption threshold
By Maluba Jere
Wednesday March 12, 2008 [03:00]

THE JCTR has stated that the recent recommendations to adjust the tax exemption threshold from K600,000 to K1,000,000 is an apt moral and ethical response to challenges of human development in Zambia. In its monthly food basket, the Jesuit Centre for Theological Reflection (JCTR) stated the current upward trends in food prices posed serious challenges to human development and required that strategic planning and responses begin now.

The Parliamentary Committee on Estimates has proposed an upward adjustment of the proposed tax exemption threshold from K600,000 to K1 million.

"The current situation of cost of living is known, the biggest question is how to address such situations in ways that will not just respond to immediate needs but also to long-term needs," read the statement. "What is required are holistic approaches to national development. This calls for good agricultural practice that incorporates various dimensions."

The JCTR urged the government to pay much attention to peoples' skills development through a sound education system, including ensuring that people lead healthy lives.
The JCTR meanwhile attributed the price changes to most African countries having difficulty creating "buffers" to safeguard them against external economic shocks, such as global food price increases and crude oil.

"However, it is also internal shocks such as droughts, floods, etc., that have made external shocks find reinforcement at the national level. The manifestation of these shocks invariably and unfortunately undermines human development through making basic needs unaffordable.

The February 2008 Basic Needs Basket, has shown an unprecedented increase in the cost of basic food.

Notable increases were recorded in the price of a 25 kilogram bag of breakfast mealie meal which increased by K4,700 to currently cost an average of K41,000 compared to K36,300 in January.

Labels: JCTR, TAXATION

posted by MrK @ 4:54 AM