Friday 24th November 2017

Over 9,000 Zambians have offshore accounts-Chibamba Kanyama

Prominent Economist Chibamba Kanyama has revealed that there about 9,000 Zambians holding offshore accounts.

Mr Kanyama who is also a former official of the International Monetary Fund disclosed that the majority of these Zambians are serving in government.

He said he knows this for a fact because he personally introduced some of these Zambians to investment companies that specializes in offshore accounts.

Mr. Kanyama said the country already has companies such as deVere that handle offshore accounts.

Chibamba Kanyama
Chibamba Kanyama

“We have about 9000 Zambians with offshore accounts. Apparently, the majority are serving in government. I know this for a fact because introduced them to some of the investment companies specializing in offshore accounts,” Mr Kanyama wrote on Facebook.

Mr Kanyama said he is horribly shocked at the noise that some people have created about offshore accounts when it’s the practice everywhere.

“We have tax allowances also to many foreign companies since 1994. After expiration, they closed and came with another name. You can invest offshore, earn your income, bring it back and reinvest in property,” he said.

He added, “I dealt with Mombasa Port Authority who once invested workers pension funds in Zambia and the Kenyans never protested.”

He said, “Taxes are a competitive platform globally. Mauritius is way ahead of Zambia due to these tax havens. We have many Zambian companies registered in Mauritius for this very reason. I am helping a Zambian owned company register in Mauritius. The very reason we have export processing zones is to attract foreign investors to manufacture here and never pay duty so long what they produce is for export.

He continued, “we flock to order things from Dubai by taking advantage of tax havens the country offers.”

Mr Kanyama noted that the only issue about tax havens is that many government crooks use it to steal money from citizens and hide the funds in these anonymous accounts, some of the beneficiaries are middlemen.

COMMENTS Connect with Open Zambia and have your say