The Income Tax (Amendment) Bill No. 22 of 2024
Date of Introduction: 30th October 2024
Ministry Responsible: Ministry of Health
Committee Responsible: Planning and Budgeting Committee
Deadline for Submission of Comments: 21st November 2024
Contacts for submission of Comments: Email ZambiaLII; Email National Assembly or Visit the National Assembly Submission Portal
Issues addressed: The Income Tax (Amendment) Bill No. 22 of 2024 seeks to amend the Income Tax Act.
The Bill seeks to permit the deduction of the skills development levy as a tax-deductible expense in advance of its payment to align with the accrual principles that apply to other deductions under the Act.
The Bill proposes to extend the advance tax on income at the rate of fifteen percent to remittances and exports above two thousand United States dollars or kwacha equivalent made through a commercial bank by an account holder without a valid tax clearance certificate.
The Bill looks to increase the corporate income tax rates from fifteen percent to twenty percent for the export of non-traditional products and value addition to copper cathodes and provides a waiver for a penalty arising from an underestimation of a provisional return.
The Bill also looks to increase the bands for presumptive taxes by twenty percent for motor vehicles used for the carriage of persons and provides an exemption on withholding tax on royalties.
Read bill.