Value Added Tax (Amendment) Act, 2014

A taxable supplier who files a return but does not pay the tax on time must pay additional tax of 0.5% of the tax payable for each day late.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 13 of 2014
Version: Undated source snapshot
Language: en
Official source: View official record ↗

deregistration input tax claims legislative amendment registration return filing statutory drafting tax compliance tax payment value added tax

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A taxable supplier who files a return but does not pay the tax on time must pay additional tax of 0.5% of the tax payable for each day late. Taxable suppliers whose turnover falls below the VAT registration threshold during an accounting year must be deregistered at the end of that year. This provision amends section fifty of the principal Act by replacing the word “and” with “or” at the end of paragraph (a) in subsection (!). This section amends section 52 of the principal Act by adding a paragraph about the administration of input tax claims and renumbering the next paragraph.

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Provisions of Value Added Tax (Amendment) Act, 2014

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4
Section seventeen of the principal Act is amended by the
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A taxable supplier who files a return but does not pay the tax on time must pay additional tax of 0.5% of the tax payable for each day late.

4. Section seventeen of the principal Act is amended by the deletion of subsection (2) and the substitution therefor of the following: (2) A taxable supplier who lodges a return but fails to pay the tax due on the return within the prescribed time shall ·pay additional tax of one half of one percent of the tax payable in respect of the prescribed accounting period covered by the return for each day following the day when the payment is due to the date that the payment of the tax is made. Amendment of section 28
5
Section twentyeight of the principal Act is amended
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Taxable suppliers whose turnover falls below the VAT registration threshold during an accounting year must be deregistered at the end of that year.

5. Section twentyeight of the principal Act is amended (a) by the insertion after subsection (6) of the following: Amendment of section 50 Amendment of section 52 (7) Taxable suppliers whose turnover fa,lls below the registration threshold for value added tax within a particular accounting year shall be de-registered at the end of the accounting year; and (b) by the re-numbering of subsection (7) as subsection (8).
6
Section fifty of the principal Act is amended in subsection
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This provision amends section fifty of the principal Act by replacing the word “and” with “or” at the end of paragraph (a) in subsection (!).

6. Section fifty of the principal Act is amended in subsection (!) by the deletion of the word "and" at the end of paragraph (a) and the substitution therefor of the word "or".
7
Section fifty-two of the principal Act is amended ·in
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This section amends section 52 of the principal Act by adding a paragraph about the administration of input tax claims and renumbering the next paragraph.

7. Section fifty-two of the principal Act is amended ·in subsection (1) by- (a) the insertion, immediately after paragraph (a), of the following paragraph: (b) the administration of input tax claims; and (b) the re-numbering of paragraph (b) as paragraph (c).

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Value Added Tax (Amendment) Act, 2014

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Provisions of Value Added Tax (Amendment) Act, 2014

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