The Zambia Revenue Authority (ZRA) has seized 145,000 United States dollars in a raid conducted yesterday.

This is according to a press release issued by the ZRA Corporate Communications Manager Oliver Nzala.

Mr Nzala said ZRA yesterday, raided and initiated inquiries and investigations into alleged multiple tax evasion and related financial irregularities involving Gatbro International Limited and associated entities.

Mr Nzala said during the investigations, it was found that Irfaan Ismail Yosouf was the principal beneficial owner of the company in question.

He said the directors for the said company include Shalida Yosouf, Jamil Mitha, Shiraz Gathool, Nadeem Yousuf Muhammed and Mohammed Khanat.

“Irfaan Ismail Yosouf has been identified as the principal beneficial owner of the company, with Shalida Yosouf, Jamil Mitha, directors Shiraz Gathool, Nadeem Yousuf Muhammed and Mohammed Khanat, as Directors.”

Mr. Nzala revealed that preliminary findings indicate suspected under-declaration of imported goods, possible non-disclosure of actual sales revenue, and potential misrepresentation of financial records.

He said a detailed analysis has identified patterns of intra-group transactions among Gatbro International Limited’s Associate entities in inter-company transactions that may have enabled the movement of income, costs, and goods across affiliated entities in a manner that affects the group’s taxable position and possible externalisation of taxable income.

Meanwhile, ZRA has instituted an investigation encompassing several entities identified as operationally linked, including companies involved in distribution, mining, energy, property, hospitality, and tourism activities, with operations in Lusaka, Mumbwa, Lower Zambezi and Mfuwe.