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Insurance Premium Levy Act

Act 21 of 2015

This is the version of this Act as it was from 24 December 2015 to 31 December 2017. Read the latest available version.
Insurance Premium Levy Act
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Act 21 of 2015
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English
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Act
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Zambia

Insurance Premium Levy Act

Act 21 of 2015

An Act to provide for the imposition, payment and collection of an insurance premium levy; and to provide for matters connected with, or incidental to, the foregoing.ENACTED by the Parliament of Zambia.

1. Short title and commencement

This Act may be cited as the Insurance Premium Levy Act and shall come into operation on 1st January, 2016.

2. Interpretation

In this Act, unless the context otherwise requires—“broker” has the meaning assigned to it in the Insurance Act, 1997;[Act No. 27 of 1997]“Commissioner-General” has the meaning assigned to it in the Zambia Revenue Authority Act;[Cap. 321]“insurance agent” has the meaning assigned to it in the Insurance Act, 1997;[Act No. 27 of 1997]“insurance business” has the meaning assigned to it in the Insurance Act, 1997;[Act No. 27 of 1997]“insurer” has the meaning assigned to it in the Insurance Act, 1997;[Act No. 27 of 1997]“levy” means the insurance premium levy charged under section four; and"policy" has the meaning assigned to it in the Insurance Act, 1997.[Act No. 27 of 1997]

3. Powers of Commissioner General

The Commissioner-General shall, subject to the direction of the Minister, give 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 and the Value Added Tax Act.[Cap. 321; Cap.331]

4. Charge of levy

(1)A three percent levy 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.
(2)Value added tax is not payable on an insurance premium.

5. When levy becomes due

The levy is due at the time when an insurance premium is paid or becomes payable and shall be remitted by the insurer, insurance agent or broker to the Commissioner-General not later than the fourteenth day of the next month following the month in which the levy becomes due.

6. Exemption

The Minister may, by statutory instrument, exempt any person from the payment of the levy.

7. Recovery of levy

Subject to the provisions of this Act, the Value Added Tax Act applies, with necessary changes, to this Act in respect of—
(a)the recovery of the levy;
(b)the filing of returns;
(c)assessments;
(d)the keeping of records;
(e)the furnishing of information and production of documents;
(f)delegation of authority;
(g)the appointment of authorised officers;
(h)penalties and sanctions;
(i)reviews and appeals; and
(j)the priority of tax debts in bankruptcy.
[Cap. 331]

8. Regulations

The Minister may, by statutory instrument, make regulations for the proper administration of this Act.

9. Administrative rules

The Commissioner-General may, by notice in the Gazette, make administrative rules for the proper administration of this Act.
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History of this document

01 January 2025
Read this version
01 January 2019
Read this version
01 January 2018
Read this version
01 January 2016
Commenced
24 December 2015 this version
17 December 2015
Assented to

Subsidiary legislation

Title
Insurance Premium Levy (Exemption) Order, 2016
Statutory Instrument 18 of 2016