- October 10, 2024
- Posted by: Choolwe Nakalonga
- Category: News
As an employer, you still have time to benefit from the NAPSA penalty waiver. The penalty waiver is a financial relief initiative designed by NAPSA to ease the burden on employers who have incurred penalties for late remittance of their employees’ NAPSA contributions.
The penalty waiver, which took effect on January 8, 2024, offers a golden opportunity for employers to clear their obligations without the fear of hefty penalties. But time is ticking. To benefit from the waiver, employers must ensure their accounts are in good standing. This includes:
- Updating their Know Your Customer (KYC) details.
- Resolving any flagged issues, such as unposted or unbalanced returns
- Payment of outstanding contributions.
The process is straightforward and can be completed online via NAPSA’s eServices platform on the NAPSA website (www.napsa.co.zm), making it easier than ever to apply. Key deadlines and details to take note of:
- Penalties incurred before December 6, 2022 (outside the Covid period at the rate of 20 percent):
- 75% waiver if principal is paid by January 7, 2025.
- 60% discount if principal is paid by January 8, 2026.
- Penalties incurred during the COVID-19 Pandemic (March 14, 2020 – September 8, 2022):
- 100% waiver if principal contributions are settled by January 7, 2025.
- 75% waiver if principal is paid by January 8, 2026.
- Penalties Incurred After December 6, 2022 (at the rate of 10 percent):
The waiver applies until further notice subject to Director General’s approval, provided that employers any outstanding principal amounts.
With the clock ticking, now is the perfect time for employers to take advantage of this opportunity to and free themselves from the burden of penalties. Don’t miss out on this opportunity to settle your obligations, secure your employees’ future, and ensure a penalty-free future for your company. Don’t let this chance pass you by, get in touch with NAPSA today and secure your business’ financial future.