Topfin Corporate Solutions

31/12/2025

We wish you all our esteemed clients a happy new year.

AUDIT - TAX - ADVISORY

24/12/2025

Compliments of the season

22/08/2025

Congratulations to colleagues graduating today with ZICA qualifications at various levels.

Topfin Corporate Solutions is proud to have been part of the sponsors under awards for outstanding students for Diploma in Taxation for June 2025 and Certificate in Taxation for both December 2024 and June 2025

06/03/2025

A BRIEF EXPLANATION OF REVERSE VAT IN ZAMBIA

There is a requirement for a taxpayer to account for VAT on imported services through the VAT Reverse Charge mechanism. Where a taxpayer imports services that have not been subject to VAT in the country of origin, the taxpayer is required to account for VAT on the services at 16%.

The procurement of services from a foreign supplier by a local taxable person is liable to a Reverse VAT charge unless such services have been subject to a similar tax in the country of export.

The recipient of imported services in Zambia such as Management and Consultancy, Engineering, Technical or advisory, Marketing information or sales promotions, Inland transport, Building construction, IT, computer and software installations, etc provided by non-resident suppliers (foreign suppliers) is required to self-account for reverse VAT on the value of services procured each month and declare the same in the VAT returns.

The input VAT resulting from accounting for reverse VAT is not eligible for an input tax credit if a local tax agent is not appointed.

The adverse impact of the reverse VAT can be mitigated by the foreign supplier appointing a local tax agent in Zambia who will account for output VAT on their behalf.

The appointed local tax agent, subject to Commissioner- General's approval, will issue a local tax invoice under their VAT registration and account for output VAT on behalf of the foreign supplier. The Zambian recipient of services may claim input VAT charged on the tax invoice issued by the local tax agent, subject to normal rules.

Topfin Corporate Solutions acts for a number of multinational corporations in Zambia on behalf of the Zambia Revenue Authority as a local Tax Agent for for Reverse VAT. If you are looking for a local tax agent, call us on +260977574897 or email [email protected] or [email protected] or [email protected].

25/12/2024

Compliments of the season to you all

11/10/2024

Meet our Partner for Audit and Assurance Division, Mr Kawina Muneku sitting on the middle in a Jacket at the ZICA, ACCA and CIMA Annual Business Conference in Livingstone. Kawina is a ZICA Council member under Public Practice and the Chairperson for the Audit and Risk Committee of the Zambia Institute of Chartered Accountants (ZICA).

Audit - Tax - Advisory

11/10/2024

Meet the Partners of Topfin Corporate Solutions

11/04/2024

Great Cv for our Managing Partner

Osman Banda is a designated Chartered Accountant with CA Zambia Qualification, an Insolvency Practitioner, Fellow of the Zambia Institute of Chartered Accountants (ZICA) and a Practitioner with a valid 2024 license from ZICA. He has more than 15 years’ experience in Accounting, Taxation, Audit, and related services in Zambia. He is the Managing Partner and founder of Topfin Corporate Solutions, an audit firm of Chartered Accountants registered with ZICA located in Lusaka, Ndola and Mazabuka.

He is an Accredited CA Zambia Mentor in Financial Accounting and Reporting, Management Accounting and Taxation. He grew up in the remote part of Chasefu District of Zambia. His parents were peasant farmers, an occupation he inherited at a very tender age. Despite walking barefoot to school, his dream was always to be an accountant.

After giving up school due to lack of funds and later being selected to Chizongwe Technical Secondary School for his senior secondary in January 2000, the Government of the Republic of Zambia through the social welfare department paid for his school fees until he completed senior secondary school at Lundazi High School.

In 2003, he relocated to Lusaka to join his late brother who was running a small printing business that was not sustainable enough to pay University or College fees for Osman. Being an avid Seventh Day Adventist, he never ceased praying to God to show him a way. When he was incorporated in his brother’s printing business, Osman managed to save enough funds that helped him enrol for NATech (National Accounting Technician) at Evelyn Hone College. He further went into an informal lending business (kaloba) just to raise tuition fees.

Despite all these efforts, the money was not enough to pay for tuition fees and only attended classes for the first semester. Due to the flexible study options for ZICA programs, he chose the self-study route. Through squatting, studying at night with colleagues at Evelyn Hone College and at the University of Zambia, he managed to graduate with NATech in 2006, whilst running the printing business during the day as a way of sustaining himself.

In 2007, Osman found his first job through the help of ZICA secretariat in the private sector. Later in 2008, he joined the Central Bank of Zambia. After graduating with the ZICA Professional Accountancy qualification in 2012, he joined the Road Development Agency (RDA) as Regional Accountant for the Copperbelt Province. Road Development Agency is a government agency that is responsible for construction and maintenance of bridges, roads and toll Plazas in Zambia.

In 2017, after completion of CA Zambia, Osman was a recipient of the ZICA One Young World (OYW) Chartered Stars award, which paved way for him to attend the OYW summit held in Netherlands where he represented Zambia under ZICA/Chartered Accountants Worldwide (CAW) in The Hague. After graduating with CA Zambia, together with fellow CA Zambia designate Kawina Muneku, Osman and his colleague founded Topfin Corporate Solutions, an audit firm registered with ZICA.

25/12/2023

Wishing you a Merry Christmas and happy 2024 from all of us at TCS Chartered Accountants.

13/08/2023

APPRECIATION MESSAGE TO ALL ZICA MEMBERS

We wish to thank all members of the ZICA (Zambia Institute of Chartered Accountants) that supported our Partner - Audit, Mr Kawina Muneku in the ZICA Council elections that were held on 11th August 2023 at Avani Resort in Livingstone. Our Partner was elected ZICA Council member under Public Practice.

Without your support, he was not going to make it. Congratulations to you Mr Kawina Muneku.