Property Transfer Tax (Amendment) Act, 2012

3. Section four of the principal Act is amended by the deletion of subsection (2) and the substitution therefor of the following: (2) The rate of tax shall be five percent of the realised value of the land or shares and in the case of a nrining right or an interest in the mining right, ten percent of the realised value of the mining right. Amendment of section 4

4. Section five of the principal Act is amended- (a) by the insertion immediately after subsection (2) of the following new subsection: (3) Where the property to be valued is a mining right or an interest in a mining right, the realised value of the nrining right or interest shall be the actual price of the mining right or interest at the time of the transfer of that nrining right or interest or as determined by the Comnrissioner-General, whichever is higher.; and (b) by the re-numbering of subsections (3), (4) and (5) as subsections (4), (5) and (6) respectively. Amendment of section S

5. Section nine of the principal Act is amended- (a) by the insertion immediately after subsection (4) of the following new subsection: (5) Notwithstanding any other written law, the Minister responsible for mines, the Director of Mines or the Director of Geological Survey, as applicable, shall not approve the transfer, -assignment, encumbrance or other dealing with a mining right or interest therein, if the transferor fails to pay the tax due in respect of the transfer, assignment, encumbrance or other dealing with a mining right or interest therein, under this Act; and (b) by the re-numbering of subsectionn (5) and (6) as

6. The principal Act is amended by the insertion, immediately subsections ( 6) and (7) respectively. after section twelve of the following new section: Amendment of section 9 Property Transfer Tax (Amendment) [No. 13 of 2012 231

12A. (I) The President may enter into an agreement, Insertion of which may have retrospective effect, with the Government new section of any other country or territory for the exchange of �ZA information on tax matters or for mutual assistance in tax i;,rmation matters with the objective of rendering reciprocal exchange assistance in the-- as>reements ( a) provision of data on fraud, civil and criminal tax and mutual assistance in tax matters offences; (b) administration and collection of taxes under the property transfer tax Jaws of the Republic and such other country or territory; (c) carrying out of tax examinations in Zambia or abroad; and ( d) carrying out of simultaneous or joint tax examinations. (2) Any information received by a country or territory under an agreement entered into under subsection(!) shall be treated as secret in the same manner as information obtained under the domestic laws of that country or territory and shall be disclosed only to persons or authorities involved in the assessment, collection enforcement, prosecution or determination of appeals in relation to, the taxes under this Act. (3) Subsection (1) shall not be construed so as to impose on a country or territory the obligation to- (a) carry out administrative measures at variance with the Jaws and administrative practices of that country or territory; (b) supply information which is not obtainable under the laws of that country or territory or under the Jaws of Zambia; or ( c) supply information which would disclose any trade, business, industrial, commercial or professional secret or trade process, or information, the disclosure of which would be contrary to public policy. (4) The Minister shall lay a copy of an agreement referred to in subsection(!) before Cabinet for approval. (5) The President shall, as soon as practicable after the conclusion and approval ofany agreement under this section, notify the public of the terms of the agreement by statutory instrument, 232 No. 13 of 21112] Property Transfer Tax (Amendment) and the agreement shall, from the date of commencement of the statutory instrument, have effect as if enacted under this Act as long as the agreement has the effect of law in the other country or territory.