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Equity Levy Act, 1982

The Commissioner must carry out this Act under the Minister’s directions and has the powers given to the Commissioner under the Income Tax Act for that purpose. Parastatal companies must disclose…

annual returncorporate taxlevieslevylevy paymentpayment deadlinepenaltiesrecovery and collectiontax compliancetax recovery
Jurisdiction
Zambia
Structure
7 provisions
Citation
Act 11 of 1982
Dates
Source version 31 Dec 1996
More statute details
Dates
Source version 31 Dec 1996

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01

Purpose and legislative effect

“The Commissioner must carry out this Act under the Minister’s directions and has the powers given to the Commissioner under the Income Tax Act for that purpose.”

The Commissioner must carry out this Act under the Minister’s directions and has the powers given to the Commissioner under the Income Tax Act for that purpose. Parastatal companies must disclose specified ownership and capital details in their income tax return and are generally liable for an equity levy of 1.5% of equity, unless the stated tax comparison exception applies. The equity levy is due and payable on 31 July of the year after the charge year, unless the Commissioner allows a longer period. If the equity levy is unpaid after the section 5 period, a monthly penalty of 5% of the unpaid amount is charged; the Commissioner may remit all or part of that penalty for sufficient cause. Several specified Income Tax Act recovery sections apply, as modified as necessary, to recovery of the equity levy under this Act.

02

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Source record from zambialii.org · Source version 31 Dec 1996

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Showing 7 of 7 provisions

Provision 4Offence 3
§ 3The Commissioner shall. subject to the directions of theOffence

The Commissioner must carry out this Act under the Minister’s directions and has the powers given to the Commissioner under the Income Tax Act for that purpose.

3. The Commissioner shall. subject to the directions 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 tlu" Commissioner by the Income Tax Act. Functions and powers ofCommis­ eioner Cap.668 S-ingle copies of lliui Act moy he obtained from the Government Printer, P.O. B<,.c 30136, .u11salm. Price lOn. 76 Equity levy Cap. 608 Cap. 668 Payment of oquity levy Penalty for lste payment No. 11 of 1982] Equity Levy
Section 3Verify source
§ 4Section 4Provision

Parastatal companies must disclose specified ownership and capital details in their income tax return and are generally liable for an equity levy of 1.5% of equity, unless the stated tax comparison exception applies.

4. ( 1) In respect of each charge year, every parastatal company shall, in the return of income furnished under section forty-six of the Income Tax Act, include- (a) a descl'iption of its capital structure; (b) a description of the shares held directly or beneficially by the Government in such parasta.tal company and the nominal value thereof; and (c) a statement of the equity levy payablo in accordance with subsection (2). (2) There shall be charged, in respect of each charge year, an equity levy at the rat� of one and one-half per centwn of the equity in every parastatal company: Provided that no equity !cry shall be payable if tho Com­ missioner is satisfied that the amount of income tax payable under the Income Tax Act by a parastatal company for any charge year is greater than the equity levy payable by it for the same charge year.
Section 4Verify source
§ 5Equity levy shall be paid and shall become due andProvision

The equity levy is due and payable on 31 July of the year after the charge year, unless the Commissioner allows a longer period.

5. Equity levy shall be paid and shall become due and payable on the 31st July of the year following the charge year to which it relates, or within such longer period as the Com­ missioner may, in his discretion, allow generally or in relation to any particular case.
Section 5Verify source
§ 6Where any amonnt of tho equity levy is not paid withinOffence

If the equity levy is unpaid after the section 5 period, a monthly penalty of 5% of the unpaid amount is charged; the Commissioner may remit all or part of that penalty for sufficient cause.

6. Where any amonnt of tho equity levy is not paid within the period prescribed by or allowed under section.five, a penalty equal to five per ccntum of tho unpaid amount shall bo charged for each month or part thereof for which the equity levy remains unpn.id, and for the purposes of recovery and collection such penalty shall be deemed to be a part of the l'quity levy: Provided that the Commissioner may, for sufficient cause shown, remit the whole or any part of the penalty. Rocovery, eto., of equity levy Cap.668
Section 6Verify source
§ 7Subject to the provii::ions of this Act, sections sixty-nine,Provision

Several specified Income Tax Act recovery sections apply, as modified as necessary, to recovery of the equity levy under this Act.

7. Subject to the provii::ions of this Act, sections sixty-nine, seventy, seventy-nine, seventy-nine A, seventy-nine B, seventy­ nine 0, eighty-two B, eighty-1.hree, eighty-four, eighty-six and ninety-two of tho Income Tax Act, shall, mutatis mutandis, apply to the recovery of the <'qtuty levy under this Act. OJfoncea Csp.608 Csp.668 Cnp.668
Section 7Verify source
§ 8Subject to the provisions of this Act, the provisions ofOffence

This section says Part X of the Income Tax Act applies, with necessary changes, to contraventions of this Act and to the penalties for those contraventions.

8. Subject to the provisions of this Act, the provisions of Part X of tho Income Tax Act, relating to contraventions of tho provisions of the Incomo Tax Act and to penalties for such contraventions shall, miitatis mutandis, apply to tho contraventions of this Act, as if a contravention of any provision of this Act wore a contravention of tho provisions of tho Income Tax Act. Regulations
Section 8Verify source

Part

Part X of tho Income Tax Act, relating to contraventions of

§ 9Tho Minister mav, bv statutory instrument, makeProvision

The Minister may make regulations, by statutory instrument, for matters needed or useful to carry out the Act.

9. Tho Minister mav, bv statutory instrument, make regulations proscribing ;11 matters which are necessary or expedient for the proper <:arrying 011t of the purposes of this Act.
Section 9Verify source

Legislative relationships

3 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

1 instrument

  • Commissioner must carry out this Act

    Section 3

G–M

1 instrument

  • Income Tax Act

    Section 4

T–Z

1 instrument

  • This section says Part X of the Income Tax Act

    Section 8

Recorded versions and source checkpoint

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Current-law checkpoint
  • 31 Dec 1996 · currentEnglish

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