Image Credits:
The Football Association of Zambia (FAZ) has announced that it is still facing significant debts owed to the Zambia Revenue Authority (ZRA) and the National Pension Scheme Authority (NAPSA), despite posting a K9 million surplus in 2022. The association owes ZRA about K12.4 million and has an outstanding balance of K10.5 million to NAPSA as of December 2022, according to the report presented to councilors at the annual general meeting in Lusaka on Saturday. Although FAZ has been trying to engage with both ZRA and NAPSA to unbundle the historical debt, it has not been successful so far. The auditors expressed concern that FAZ may face more penalties and interests for its unremitted statutory obligations. Non-compliance with the legal and regulatory framework is considered significant for the association's overall reputation and ability to continue as a going concern, the audit report said. Despite the debt challenges, FAZ is set to construct a technical center in Chongwe, costing K95 million. FAZ President Andrew Kamanga disclosed that the association had secured land in Chongwe, where the technical center would be built. He added that most of the funding for the project would come from FIFA. In his weekly column, Kamanga expressed gratitude to the supervisory ministry for guiding the matter through Government channels. The association has been engaging with both institutions over the possibility of unbundling the debt, which dates back many decades. The latest report shows that the association does not remit both pay-as-you-earn (PAYE) to ZRA and employees' contributions to NAPSA.
Related Stories
Start a conversation