Insurance Levy Act, 1990
- Commenced on 1 January 1991
- [This is the version of this document at 31 December 1996.]
1. Short titleThis Act may be cited as the Insurance Levy Act.**This Act came into operation on the 1st January, 1991.
3. Powers of CommissionerThe Commissioner-General shall, subject to the direction of the Minister, be responsible for giving effect to the provisions of this Act, and shall, for that purpose, have all the powers conferred on the Commissioner-General by the Zambia Revenue Authority Act.[Cap. 321]
4. Insurance levyThere shall be charged, levied, collected and paid, on insurance premiums in respect of insurance policies for all classes of insurance business carried on by insurers, insurance agents or brokers a ten per centum ad valorem insurance levy.
5. When levy becomes dueThe levy shall become due at the time when the insurance premiums are paid or become payable and shall be paid by the insurer, insurance agent or broker to the Commissioner-General not later than the twenty-first day of the first month following that in which the levy becomes due.
7. Recovery of levySubject to the provisions of this Act, the Value Added Tax Act shall, mutatis mutandis, apply to the recovery of the levy under this Act.[Cap. 331]
8. Penalty for late paymentWhere any amount of levy is not paid within the period prescribed by section five, a penalty equal to five per centum of the unpaid amount shall be charged for each month or part thereof for which the insurance levy remains unpaid; and for the purposes of recovery and collection such penalty shall be deemed to be part of the levy.
9. RegulationsThe Minister may, by statutory instrument, make regulations for the proper carrying out of the purposes of this Act.
History of this document
31 December 1996 this version
01 January 1991
|Insurance Levy (Exemption) Order, 1991||Statutory Instrument 47 of 1991|