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Income Tax (Amendment) Act, 2003

This section gives the Act’s short title, says it is to be read with the Income Tax Act, and states when it starts and when it applies. A deduction is allowed for interest on money borrowed if the…

Government BondsTreasury Billsbusiness incomecharitable institutionscommencementconstruction financecorporate taxdeductionsincome taxincome tax amendmentinterest deductionsinterest incomepermits and licencespresumptive taxpublic service vehiclesschedule amendmentstatutory schedulestax clearance certificateTax lawwithholding tax
Jurisdiction
Zambia
Structure
13 provisions
Citation
Act 3 of 2003
Dates
Legal dates not recorded
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Dates
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01

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“This section gives the Act’s short title, says it is to be read with the Income Tax Act, and states when it starts and when it applies.”

This section gives the Act’s short title, says it is to be read with the Income Tax Act, and states when it starts and when it applies. A deduction is allowed for interest on money borrowed if the Commissioner General is satisfied the loan was used for capital employed wholly and exclusively for business purposes or to produce income. The amendment says certain capital foreign exchange losses on borrowings used to build an industrial or commercial building are deductible. This provision amends subsection (1) of section thirty-four A by inserting the words “rose flowers” and a comma after “the growing of”. Section 44 of the principal Act is amended by changing punctuation and adding new items for incidental finance costs and any levy payable under the Medical Levy Act.

02

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03

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The Second Schedule to the principal'Act is amended

This section amends the Second Schedule so that certain business income of a charitable institution, body, trust, or persons is not tax-exempt and is taxed at the rate in the Charging Schedule.

Section 9

The Charging Schedule to the principal Act is amended­

This section amends the income tax charging schedule, including new rates for individual income and rules for certain charitable institutions and withholding on interest from Treasury Bills and Government Bonds.

Section 11

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Showing 13 of 13 provisions

Amendment 6Substitution 5Short titleProvision
§ 1(!) This Act may be cited as the Income Tax (Amendment)Act,Short title

This section gives the Act’s short title, says it is to be read with the Income Tax Act, and states when it starts and when it applies.

1. (!) This Act may be cited as the Income Tax (Amendment)Act, 2003, and shall be read as one with the Income Tax Act, in this Act referred to as the principal Act. Short title and COIIllrenCement Cap. 323 (2) This Act shall come into operation on the !st April, 2003, and subject to any provisions to the contrary, shall have effect in relation to the charge of tax for the charge year which ends on 31st March, 2004 and in relation to each subsequent charge year.
Section 1Verify source
§ 2Section twenty-nine of the principal Act is amended inAmendment

A deduction is allowed for interest on money borrowed if the Commissioner General is satisfied the loan was used for capital employed wholly and exclusively for business purposes or to produce income.

2. Section twenty-nine of the principal Act is amended in subsection(!) by the insertion of the following proviso: Provided that on the amount payable by way of interest upon money borrowed by any person where the Commissioner General is satisfied that the loan or advance was obtained for capital employed wholly and exclusively for business purposes or in the production of income, a deduction shall be allowed.
Section 2Verify source
§ 3Section twenty-nine A of the principal Actis amendedAmendment

The amendment says certain capital foreign exchange losses on borrowings used to build an industrial or commercial building are deductible.

3. Section twenty-nine A of the principal Actis amended- ( a) in subsection (1) by the insertion of the following proviso: Provided that foreign exchange losses of a capital nature incurred on borrowings used for the building and construction ofan industrial or commercial building shall be deductable.; and (b) by the insertion immediately after subsection (3) of the following new subsection: Amendment of Section 29 Amendment of Section 29A Copies of this Act can be obtained from the Government Printer, P.O. 30136, 10101 Lusak. Price Kl,500 each ( l ,· 14 No. 3 of 2003] Income Tax (Amendment) Amendment of Section 34A Amendment of Section 44 Act No.of 2003 Amendment of Section 63 (4) In this section "industrial building" and "commercial building" have the meaning assigned to them in the fifteen Schedule.
Section 3Verify source
§ 4Section thirty-four A of the principal Act is amended inAmendment

This provision amends subsection (1) of section thirty-four A by inserting the words “rose flowers” and a comma after “the growing of”.

4. Section thirty-four A of the principal Act is amended in subsection (1) by the insertion of the words " rose flowers" and a coma immediately after the words " the growing of".
Section 4Verify source
§ 5Sectionforty-four of the principal Act is amended­Substitution

Section 44 of the principal Act is amended by changing punctuation and adding new items for incidental finance costs and any levy payable under the Medical Levy Act.

5. Sectionforty-four of the principal Act is amended­ ( a) in paragraph (a)- (i) by the insertion of a full stop after the word "expense"; and (ii) by the deletion of the "coma" and the words "except such interest as is allowed by sectionforty-three C " after the word "expense; " ( b) by the deletion of the full stop at the end of paragraph (m) and the substitution therefor of a semi-colon; and ( c) by the insertion after paragraph (m) of the following new paragraphs: (n) incidental costs of obtaining finance such as commitment and guarantee fees, commissions and any other incidental cost of a similar nature; and ( o) any levy payable under the Medical Levy Act.
Section 5Verify source
§ 6Section sixty-three of the principal Act is amended in the provisoSubstitution

This provision amends section 63 of the principal Act by adding two new items to the proviso in subsection (1).

6. Section sixty-three of the principal Act is amended in the proviso to subsection (1) by- ( a) the deletion of the full stop at the end of paragraph (v) and the substitution therefor of a semi-colon and the word ·. "and"; and (b) the insertion immediately after paragraph ( v) of the following new paragraphs: (vi) income of an individual from which tax in respect of that charge year has been paid under section sixty-four A; and (vii) in the case of a person exempted under subparagraph (1) of paragraph 5 and subparagraph (I) of paragraph 6 of the Second Schedule, interest from which tax in respect of that charge year has been deducted under section eighty-two A. Insertion of new section 64A
Section 6Verify source
§ 7The principal Actis amended by the insertion immediately afterAmendment

This provision amends the principal Act by inserting a new section after section 64.

7. The principal Actis amended by the insertion immediately after Section sixty-four of the following new section: Income Tax (Amendment) [No. 3 of 2003 15.
Section 7Verify source
§ 64A(1) The Commissioner-General may make a standardProvision

The Commissioner-General may make a standard assessment requiring certain public service vehicle operators to pay presumptive tax under the Ninth Schedule.

64A. (1) The Commissioner-General may make a standard assessment requmng any individual or partnership carrying on the business of operating a public service vehicle for the carriage of persons to pay a presumptive tax as set out in the Ninth Schedule. Standard Assessment
Section 64AVerify source

Part

Schedule.

§ 8Section eight-one B of the principal Act is amended by theAmendment

A person or authority issuing a permit or licence under the Mines and Minerals Act must not issue it unless the applicant produces a tax clearance certificate.

8. Section eight-one B of the principal Act is amended by the insertion immediately after subsection (1) of the following new subsection: Amendment of Section BIB / Cnp.213 Amendment ofSccond Schedule ( l A) Any person or authority empowered to issue a permit or licence under the Mines and Minerals Act shall not issue the permit or licence to any applicant unless the applicant produces a tax clearance certificate. (lB) For purposes of subsection ( lA)- "licence" means a gemstone small scale or large scale mining licence; and "permit " m_eans a prospecting licence.
Section 8Verify source

Part

Schedule

§ 9The Second Schedule to the principal'Act is amendedSubstitution

This section amends the Second Schedule so that certain business income of a charitable institution, body, trust, or persons is not tax-exempt and is taxed at the rate in the Charging Schedule.

9. The Second Schedule to the principal'Act is amended- ( a) in paragraph 6 by the deletion of subparagraph (2) and the substitution therefor of the following new subparagraph: (2) If the income referred to in subparagraph (1) is the profit of a business carried on by a charitable institution, body or persons or trust receiving it, that income is not exempt from tax and shall be taxed at the rate specified in the Charging Schedule; (b) by the insertion immediately after paragraph 6 of the following new paragraph:
Section 9Verify source
§ 6ANotwithstanding the provisions of subparagraphSubstitution

Interest on Treasury Bills or Government Bonds received by certain charitable-related entities is subject to withholding tax under section 82A.

6A. Notwithstanding the provisions of subparagraph (1) of paragraph 5 and subparagraph (1) of paragraph 6, or any other provisions of this Act, any interest on Treasury Bills or Government Bonds received by any charitable institution, body, person or trust referred to in those subparagraphs, shall be subject to withholding tax under section eighty-two A. (c) in paragraph 7- (i) by the deletion of subparagraph (n); (ii) by the deletion of the full stop at the end of subparagraph (m) and the substitution therefor of a semi-colon and the word" and"; and (iii) by the insertion after subparagraph (w) of the following new subparagraph: 16 No. ·3 of 2003] Income tax (Amendment) Insertion of new Ninth Schedulc Amendment ofCh,uging Schedule • (x) as emoluments by a former President of the Republic; and ( e) in paragraph 9 by the deletion of subparagraph c of subparagraph (2).
Section 6AVerify source
§ 10The Principal Act is amended by the insertion of a new NinthAmendment

This section amends the Principal Act by inserting a new Ninth Schedule in the Appendix.

10. The Principal Act is amended by the insertion of a new Ninth Schedule set out in the Appendix to this Act.
Section 10Verify source

Part

Schedule set out in the Appendix to this Act.

§ 11The Charging Schedule to the principal Act is amended­Substitution

This section amends the income tax charging schedule, including new rates for individual income and rules for certain charitable institutions and withholding on interest from Treasury Bills and Government Bonds.

11. The Charging Schedule to the principal Act is amended­ (a) in subparagraph (1) of paragraph 2 by the deletion of clauses (c) and (d) and the substitution therefor of the following new clauses: ( c )on the balance of so much of an individual's income as does not exceed one mi llion nine hundred twenty thousand K wacha at the rate of zero per centum per annum; and ( d) on the balance of so much of an individual's income as exceeds one million nine hundred twenty thousand K wacha at the rate of thirty per centum; (b) in subparagraph ( 1) of paragraph2_ by the deletion in clause (a) of the word" thirty" and� substitution therefor of the words " thirty-three". ( c) by the insertion immediate! y after subparagraph / e) of the following new subparagraph: (f) the maximum rate of tax for income received by any charitable institution, body of persons or trust referred to in subparagraph 1 of paragraph 6 of the Second Schedule. I d)in the proviso to paragraph 7 by the insertion after subparagraph ( v) of the following new subparagraph: ( vi) tax required to be deducted from payment of interest · on Treasury Bills and Government Bonds to any charitable institution, body, person or trust exempted under subparagraph (1) of paragraph 5 and subparagraph ( 1) of paragraph 6. X Income Tax (Amendment) [No. 3 of2003 17 APPENDIX (Section 10) NINTH SCHEDULE (Section 64Aj PRESUMPTIVE TAX Type of Vehicle (Sitting Capacity) 64 seater and above 50-63 seater 36 -49 seater 22-35 seater 18-21 seater 12-17 seater Below 12 seater (including Taxis) Amount of Tax per vehicle (per annum) K? ,200,000.00 K6,000,000.00 K4,800,000.00 K3,600,000.00 K2,400.000.00 Kl,200,000.00 K600.000.00
Section 11Verify source

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2 referenced instruments

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2 instruments

  • principal Act

    Sections 6, 7, 10

  • Section 29 Amendment of Section 29A Copies of this Act

    Section 3

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