TODAY, we take a special look at some government institutions that regulate and implement government policies on registered businesses resulting in compliance as outlined by the government.
It is important for Small and Medium Enterprises (SMEs) to come to the terms and understand that for them to operate effectively in this country they are expected to follow regulations failure to which they will suffer punitive measures.
Any registered business is regulated by relevant laws and government regulations. Complying with the regulatory bodies that are mandated by the government to be watchdogs is one principle which outlines the running of the viable business whether small or large.
A business entity that runs away from complying with relevant regulatory bodies will not operate in conducive atmosphere in the sense that it will always play hide and seek with the law enforcement agencies for fear of being caught.
Compliance will put things at ease for any business to operate, without worrying about the impending charges as a result of non-compliance. Today we look at some of the government institutions that are tasked and mandated by the Zambian laws to regulate some registered businesses in the country.
Some of these government institutions relevant to registered businesses are as follows:-
–    Patent and Companies Registration Agency (PACRA)
–    Zambia Revenue Authority (ZRA)
–    National Pension Scheme Authority (NAPSA)
–    Workers Compensation Fund Control Board (WCFCB) PACRA which is established under number 10 of the Act of Parliament of 2010 of the laws of Zambia, is  responsible for seeing to it that any business entity  is registered  according to the requirements as stipulated under the laws.
One major prominent post registration requirement is the yearly submission of annual returns which show the status quo of the registered business and its existence.
It is important for entrepreneurs to know that non-compliance in this area result in a business being struck off from the register. Thirty days after the registration of business with PACRA, it is a legal requirement for a business to register with ZRA for tax purposes.
ZRA,  was established in the year 1993 under the Act of Parliament as a quasi-government institution mandated by the law to collect the revenue for the government in various forms of taxes. SMEs pay different forms of taxes in line with business operations. The income tax stipulates that any income earned is subject to tax and non compliance in this area result in penalties. In the interest of workers the Zambian government also orates social security schemes to ensure that a worker is protected in one way or another.
The Zambian government operates national pension scheme which is administered by the Zambia National Pension Scheme Authority(NAPSA). NAPSA was established through the Act of Parliament of 1996 CAP 40 of the laws of Zambia and operates a contributory-defined-benefit scheme for workers and therefore by law offers various forms of benefits for the same workers.
Prominent among the benefits is the retirement for a retired worker. Employers who are also entrepreneurs are required by law to register with NAPSA and become contributory employers and failure to do so results in punitive measures on the employer. On the other hand the Zambian operates a social security institution which offers guaranteed social security protection to workers in the country called Workers Compensation Fund Control Board (WCFCB). Established under the Act of Parliament number 10 of 1999 of the Laws
of Zambia, the main reason of establishing the institution was twofold:
–    To help  workers by compensating them for disabilities suffered or diseases contracted due to the nature of work they do.
–     To compensate dependents of workers who die as a result of occupational accidents or disease contracted during the course of employment.
To achieve the above objectives, WCFCB is empowered by the Act to compel all eligible and registered employers to contribute to the pool of funds by making annual payments through assessments. The board uses the same fund to compensate workers who suffer disabilities and contract diseases or compensate dependents of workers who die while on duty. For comment contact email: wklpublications699@gmail.com.