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Property Transfer Tax (Amendment) Act, 2012

The amended provision sets a tax rate of 5% for the realised value of land or shares, and 10% for the realised value of a mining right or an interest in a mining right. For a mining right or an in…

confidentialitylegislation amendmentmining rights transfermining valuationtax administrationtax compliancetax information exchangetax ratetransfer pricing/value determination

Jurisdiction: Zambia
Structure: 5 provisions
Citation: Act 13 of 2012
Dates: Undated source snapshot

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“The amended provision sets a tax rate of 5% for the realised value of land or shares, and 10% for the realised value of a mining right or an interest in a mining right.”

The amended provision sets a tax rate of 5% for the realised value of land or shares, and 10% for the realised value of a mining right or an interest in a mining right. For a mining right or an interest in a mining right, the realised value is the higher of the transfer price and any value determined by the Commissioner-General. The named mining authorities must not approve a transfer, assignment, encumbrance, or other dealing with a mining right if the transferor has not paid the tax due under the Act. This section amends the principal Act by inserting a new section after section 12. The President may make tax information exchange or mutual assistance agreements with another country or territory, subject to Cabinet approval, public notification, and confidentiality rules.

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Section four of the principal Act is amended by the deletion

The amended provision sets a tax rate of 5% for the realised value of land or shares, and 10% for the realised value of a mining right or an interest in a mining right.

Section 3

Section five of the principal Act is amended

For a mining right or an interest in a mining right, the realised value is the higher of the transfer price and any value determined by the Commissioner-General.

Section 4

Section nine of the principal Act is amended

The named mining authorities must not approve a transfer, assignment, encumbrance, or other dealing with a mining right if the transferor has not paid the tax due under the Act.

Section 5

The principal Act is amended by the insertion, immediately

This section amends the principal Act by inserting a new section after section 12.

Section 6

(I) The President may enter into an agreement, Insertion of

The President may make tax information exchange or mutual assistance agreements with another country or territory, subject to Cabinet approval, public notification, and confidentiality rules.

Section 12A

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Showing 5 of 5 provisions

Amendment 3SubstitutionCommencement

§ 3Section four of the principal Act is amended by the deletionSubstitution

The amended provision sets a tax rate of 5% for the realised value of land or shares, and 10% for the realised value of a mining right or an interest in a mining right.

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

Section 3Verify source

§ 4Section five of the principal Act is amendedAmendment

For a mining right or an interest in a mining right, the realised value is the higher of the transfer price and any value determined by the Commissioner-General.

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

Section 4Verify source

§ 5Section nine of the principal Act is amendedAmendment

The named mining authorities must not approve a transfer, assignment, encumbrance, or other dealing with a mining right if the transferor has not paid the tax due under the Act.

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

Section 5Verify source

§ 6The principal Act is amended by the insertion, immediatelyAmendment

This section amends the principal Act by inserting a new section after section 12.

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

Section 6Verify source

§ 12A(I) The President may enter into an agreement, Insertion ofCommencement

The President may make tax information exchange or mutual assistance agreements with another country or territory, subject to Cabinet approval, public notification, and confidentiality rules.

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.

Section 12AVerify source

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principal Act
Section 6

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