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Zambia legislation

Property Transfer Tax (Amendment) Act, 2017

A tax is charged and collected from a Zambian incorporated company when shares issued by a foreign company are transferred and that foreign company directly or indirectly owns at least 10% of a company incorporated in…

administrative discretioncompany disclosureinterestmining rightspenaltiesreportingshare transferTax lawvaluation
Jurisdiction
Zambia
Structure
4 provisions
Citation
Act 11 of 2017
Dates
Undated source snapshot
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Dates
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01

Purpose and legislative effect

“A tax is charged and collected from a Zambian incorporated company when shares issued by a foreign company are transferred and that foreign company directly or indirectly owns at least 10% of a company incorporated in Zambia; the provision also sets a 5% amount in respect of intellectual property.”

A tax is charged and collected from a Zambian incorporated company when shares issued by a foreign company are transferred and that foreign company directly or indirectly owns at least 10% of a company incorporated in Zambia; the provision also sets a 5% amount in respect of intellectual property. This amendment changes how realised value is calculated for certain shares, intellectual property, and mining rights, and gives the Commissioner-General power to make adjustments when valuing shares. The Commissioner-General may remit all or part of any penalty and interest due under this section. A company must notify the Commissioner-General within one month after another company becomes related to it, and include identifying particulars.

02

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03

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Section 4 of the principal Act is amended by the

A tax is charged and collected from a Zambian incorporated company when shares issued by a foreign company are transferred and that foreign company directly or indirectly owns at least 10% of a company incorporated in Zambia; the provis…

Section 3

Section 5 of the principal Act is amended by the

This amendment changes how realised value is calculated for certain shares, intellectual property, and mining rights, and gives the Commissioner-General power to make adjustments when valuing shares.

Section 4

04

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Source record from zambialii.org · Undated source snapshot

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Showing 4 of 4 provisions

Amendment 3Substitution
§ 3Section 4 of the principal Act is amended by theAmendment

A tax is charged and collected from a Zambian incorporated company when shares issued by a foreign company are transferred and that foreign company directly or indirectly owns at least 10% of a company incorporated in Zambia; the provision also sets a 5% amount in respect of intellectual property.

3. Section 4 of the principal Act is amended by the— (a) insertion of the following new subsection immediately after 4(1): (1A) in the case of the transfer of a share issued by a company incorporated outside the Republic where that company directly or indirectly owns at least ten percent of a company incorporated in Zambia, tax shall be charged and collected from the Zambian incorporated company.; and (b) insertion of the following new paragraph immediately after paragraph (c)— (d) five percent of the realised value in respect of intellectual property.
Section 3Verify source
§ 4Section 5 of the principal Act is amended by theSubstitution

This amendment changes how realised value is calculated for certain shares, intellectual property, and mining rights, and gives the Commissioner-General power to make adjustments when valuing shares.

4. Section 5 of the principal Act is amended by the— (a) deletion of subsection (2) and the substitution therefor of the following: (2) Where the property to be valued is a share issued by a company incorporated in the Republic, the realised value shall be the price at which it could, at the time of its transfer, reasonably have been sold on the open market as determined by the Commissioner-General, or its nominal value, whichever is the greater.; (b) insertion of the following new subsections immediately after subsection (2): (2A) Where the property to be valued is a share issued by a company incorporated outside the Republic that directly or indirectly owns at least ten Property Transfer (Amendment) [No. 11 of 2017 637 percent of a company incorporated in Zambia, the realised value shall be the proportion that the value of the Zambian entity bears to the value of the transferred shares. (2B) For the purposes of this Act, a share, that is registered outside the Republic and that is transferred by a related company is deemed to have been a transfer by a company incorporated in Zambia if before the transaction, the company incorporated in Zambia was indirectly owned by a related company. in (2C) The Commissioner-General, determining the realised value for shares, may make adjustments in accordance with the provisions of sections 97A, 97AA, 97C and Paragraph 22A of the Fifth Schedule to the Income Tax Act.; and (c) the deletion of subsection (3) and the substitution therefor of the following: (3) Where the property to be valued is intellectual property or a mining right or an interest in a mining right, the realised value of the intellectual property or mining right or interest shall be the actual price of the intellectual property or mining right or interest or as determined by the Commissioner- General, whichever is higher. Cap. 323
Section 4Verify source
§ 5Section 11 of the principal Act is amended by the insertionAmendment

The Commissioner-General may remit all or part of any penalty and interest due under this section.

5. Section 11 of the principal Act is amended by the insertion of the following subsection immediately after subsection (3): Amendment of section 11 (4) The Commissioner-General may remit the whole or part of any penalty and interest due under this Section.
Section 5Verify source

Part

part of any penalty and interest due under this Section.

§ 6The principal Act is amended by the insertion of the followingAmendment

A company must notify the Commissioner-General within one month after another company becomes related to it, and include identifying particulars.

6. The principal Act is amended by the insertion of the following section immediately after section 12 A: 12B (1)A company shall, within one month after another company has become related to it, lodge with the Commissioner-General a notice of that fact together with particulars identifying that company. (2) If a company fails to comply with this section, the company, and each officer in default, commits an offence and is liable, on conviction to a penalty not exceeding ten thousand penalty units for each day that the failure continues. Insertion of section 12B Disclosure of information 638
Section 6Verify source

Legislative relationships

1 referenced instrument

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T–Z

1 instrument

  • Zambian entity bears to the value of the transferred shares. (2B) For the purposes of this Act

    Section 4

Recorded versions and source checkpoint

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  • Undated version · currentEnglish

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Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.