Insurance Premium Levy Act

This section gives the short title, lists other topics covered by the Act, and defines “policy” by reference to the Insurance Act, 1997.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 21 of 2015
Version: Undated source snapshot
Language: en
Official source: View official record ↗

exemptions government powers insurance levy insurance premium levy payment timing payments regulatory administration regulatory compliance remittance tax administration value added tax

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This section gives the short title, lists other topics covered by the Act, and defines “policy” by reference to the Insurance Act, 1997. The Commissioner-General must give effect to this Act, subject to the Minister’s direction, and has the powers conferred by the Zambia Revenue Authority Act and the Value Added Tax Act for that purpose. A 3% levy applies to insurance premiums for insurance policies across all classes of insurance business. Insurance-related levy becomes due when the premium is paid or payable, and the insurer, insurance agent, or broker must remit it to the Commissioner-General by the 14th day of the next month. The Minister may exempt any person from paying the levy by statutory instrument.

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Provisions of Insurance Premium Levy Act

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9
Section 9
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This section gives the short title, lists other topics covered by the Act, and defines “policy” by reference to the Insurance Act, 1997.

9. Short title and commencement Interpretation Powers of Commissioner-General Charge of levy When levy becomes due Exemption Recovery of levy Regulations Administrative rules Copies of this Act may be obtained from the Government Pr;nter, P.O. Box 30136, 10101, Lusaka, Price K4.00 each l ,, 456 No. 21 of 2015) Insurance Premium Levy Act No. 27 of 1997 Powers of Commis• sioner General Cap. 321 Cap. 331 Charge oflevy When levy becomes due "policy" has the meaning assigned to it in the Insurance Act, 1997.
3
Section sixteen of the principal Act is amended in paragraph
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The Commissioner-General must give effect to this Act, subject to the Minister’s direction, and has the powers conferred by the Zambia Revenue Authority Act and the Value Added Tax Act for that purpose.

3. The Commissioner-General shall, subject to the direction of the Minister, give effect to the provisions of this Act and shall, for that purpose, have all the powers conferred on the Commissioner General by the Zambia Revenue Authority Act and the Value Added Tax Act.
4
Section 4
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A 3% levy applies to insurance premiums for insurance policies across all classes of insurance business.

4. ( 1) A three percent levy shall be charged, levied, collected and paid, on insurance premiums in respect of insurance policies for all classes ofinsurance business carried on by insurers, insurance agents or brokers. (2) Value added tax is not payable on an insurance premium.
5
The levy is due at the time when an insurance premium is
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Insurance-related levy becomes due when the premium is paid or payable, and the insurer, insurance agent, or broker must remit it to the Commissioner-General by the 14th day of the next month.

5. The levy is due at the time when an insurance premium is paid or becomes payable and shall be remitted by the insurer, insurance agent or broker to the Commissioner-General not later than the fourteenth day of the next month following the month in which the levy becomes due. Exemption
6
The Minister may, by statutory instrument, exempt any person
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The Minister may exempt any person from paying the levy by statutory instrument.

6. The Minister may, by statutory instrument, exempt any person from the payment of the levy. Recovecy of levy Cap. 33 l
7
Subject to the provisions of this Act, the Value Added Tax
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The Value Added Tax Act applies, with necessary changes, to this Act for several tax-administration matters.

7. Subject to the provisions of this Act, the Value Added Tax Act applies, with necessary changes, to this Act in respect of- (a) the recovery of the levy; (b) the filing ofreturns; (c) assessments; (,t) the keeping of records; (e) the furnishing ofinfonnation and production of documents; (f) delegation of authority; (g) the appointment of authorised officers; (h) penalties and sanctions; (ij reviews and appeals; and (j)the priority of tax debts in bankruptcy. Regulations
8
The Minister may, by statutory instrument, make regulations
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The Minister may make regulations by statutory instrument for the proper administration of the Act.

8. The Minister may, by statutory instrument, make regulations for the proper administration of this Act. Administrative rules
9
The Commissioner-General may, by notice in the Gazette,
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The Commissioner-General may issue administrative rules by notice in the Gazette.

9. The Commissioner-General may, by notice in the Gazette, make administrative rules for the proper administration of this Act.

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Insurance Premium Levy Act

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