Property Transfer Tax (Amendment) Act, 2010

1. (!) This Act may be cited as the Property Transfer Tax (Amendment)Act, 2010, and shall be read as one with the Property · Transfer Tax Act, in this Act referred to as the principal Act. (2) This Act shall come into operation on !st April, 2011, and subject to any provisions to the contrary, shall have effect in relation to the charge of tax for the charge year ending on 3 I" March, 2012, and in relation to each subsequent charge year.

2. Section/our of the principal Act is amended in subsection (2) by the deletion of the words "three percent" and the substitution therefor of the words "five percent".

3. The principal Act is amended by the insertion immediately after section nine A of the following new section:

9B. (I) Where the Commissioner-General has reasonable grounds to believe thatthe main purpose or one of the main purposes for which any transaction was effected was the avoidance or reduction of liability to tax for any charge year, or that the main benefit which might have been expected to accrue from the transaction within the three years immediately following the completion thereof, was the avoidance or reduction of liability to tax, the Commissioner-General may, if the Commissioner-General determines it to be just and reasonable, direct that such adjustments shall be made as respects liability to tax as the Commissioner­ General considers appropriate to counteract the avoidance or reduction of liability to tax which would otherwise be effected by the transaction. (2) Without prejudice to the generality of the powers conferred by subsection (I), the powers conferred thereby extend to- (a) the charging with tax the income of persons who, but for the adjustments, would not be chargeable with any tax or would not be chargeable to the same extent; and Single copies of this Act may be obtained from the Government Printer P.O. Box 30136, 10101 Lusaka. Price K1,000 718 No. 50 of 2010] Property Transfer Tax (Amendment) (b) the charging of a greater amount of tax than would be chargeable but for the adjustments. (3) Any direction of the Commissioner-General under this section shall specify the transaction giving rise to the direction and adjustments as respects liability to tax which the Commissioner-General considers appropriate.