|
Country Overview
|
|
Capital City:
|
Lusaka
|
|
Chief of State:
|
Rupiah BANDA
President since 2008
|
|
Head of Government:
|
Rupiah BANDA
President since 2008
|
|
Area (sq km):
|
752,618 (land & water)
|
|
Population:
|
n/a
|
|
|
|
Revenue Overview
|
|
Revenue Authority:
|
Zambia Revenue Authority
|
|
Administration Head:
|
Mr Wisdom NHEKAIRO
Commissioner General
|
|
Institution Address:
|
*
|
P.O. Box 35710
Lusaka, Zambia
|
|
'
|
Phone:
|
+260 211 223 233
|
|
7
|
Fax:
|
+260 211 222 729
|
|
;
|
e-Mail:
|
nhekairow@zra.org.zm
|
|
Country Correspondent:
|
Mrs Mary Mulenga
|
|
Contact Details:
|
;
|
e-Mail:
|
mulengam@zra.org.zm
|
|
|
|
Tax Rate Overview
|
|
Personal Income Tax:
|
|
Tax Year:
1 April to 31 March
|
|
Tax Rate:
Progressive to 35%
|
-
Individuals (both resident and nonresident) are taxed on income received or accrued from an actual or deemed Zambian source. Residents also are taxable on foreign-source dividend and interest income.
-
Employers deduct tax monthly on a PAYE basis and are responsible for remitting it within 14 days of the end of each month. Individuals with nonemployment income in excess of the personal tax exempt threshold must make quarterly provisional tax payments based on current year estimates. Tax returns are due by 30 September. Non-employment income less than ZMK 200 million per annum is subject to turnover tax at 3% paid monthly under the presumptive turnover tax system (which does not require the filing of a tax return).
|
|
Corporate Tax:
|
|
Tax Year:
1 April to 31 March, but a company may apply to adopt any accounting reference date. Company profits from year ends in July to March are wholly taxed in the fiscal year in which the accounting year ends. For year ends from April to June, the profits are related back to the previous fiscal year.
|
|
Tax Rate:
Standard rate of 35%.
|
-
Businesses are subject to corporate income tax on trading profits and other taxable income, such as interest, royalties and rental income. In general, expenses and losses of a revenue nature that are wholly and exclusively incurred for the purpose of the business are allowable as deductions. For other sources, to be deductible, expenses must have been incurred wholly and exclusively in the production of the income from that source. The cost of providing non-cash benefits to employees is not deductible for income tax purposes.
-
Final tax returns are due by 30 September. An estimate of taxable income for the fiscal year is due by 30 June, and may be revised during the year. Quarterly provisional tax payments are due on the current year basis by 14 July, October, January and April.
|
|
Consumption Tax:
|
|
Nature of the Tax:
Value Added Tax (VAT)
|
|
Tax Rate:
16%
|
|
Filing & Payment:
The VAT return must be filed monthly by the 21st day of the following month.
|
-
A zero rate applies to exports and supplies to approved persons or organisations. Exempt supplies include basic foodstuffs, health and education, and the sale of land and buildings.
-
VAT is charged on the taxable supplies of goods and services in Zambia and on the import of goods. The import of services is normally taxable through a reverse charge VAT. The cash basis can be used in the construction sector, with prior approval. Cash accounting is mandatory for companies carrying on mining operations.
|
|
|
|
Economic Overview
|
|
GDP per capita (PPP) %:
|
n/a
|
|
Tax to GDP Ratio %:
|
n/a
|
|
Inflation Rate %:
|
n/a
|
|
Currency:
|
Zambian Kwacha
|
|