Value Added Tax (Amendment) Act, 2018

This provision defines how “taxable value” is calculated when a cash discount or a trade discount is given.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 15 of 2018
Version: Undated source snapshot
Language: en
Official source: View official record ↗

cash discount corporate liability taxable value trade discount

Statute overview

About this statute

This provision defines how “taxable value” is calculated when a cash discount or a trade discount is given. This provision amends the principal Act by inserting a new section immediately after section 46. If a company or unincorporated body commits an offence under the Act with a director’s, manager’s, partner’s, or shareholder’s knowledge, consent, or connivance, that person also commits an offence and may be punished accordingly. This section changes the principal Act by replacing the words “fiscal cash register” with “electronic fiscal device” wherever they appear.

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Provisions of Value Added Tax (Amendment) Act, 2018

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3
Section 10 of the principal Act is amended by the insertion
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This provision defines how “taxable value” is calculated when a cash discount or a trade discount is given.

3. Section 10 of the principal Act is amended by the insertion of the following new subsection immediately after subsection (7): (8) For the purposes of this Act, the taxable value— (a) where a cash discount is granted, means the value of the tax ascertainable based on the undiscounted cash value; and (b) where a trade discount is granted, means the value of the tax ascertainable based on the discounted price.
4
The principal Act is amended by the insertion of the following
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This provision amends the principal Act by inserting a new section immediately after section 46.

4. The principal Act is amended by the insertion of the following new section immediately after section 46:
46A
Where an offence under this Act is committed by a
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If a company or unincorporated body commits an offence under the Act with a director’s, manager’s, partner’s, or shareholder’s knowledge, consent, or connivance, that person also commits an offence and may be punished accordingly.

46A. Where an offence under this Act is committed by a body corporate or a body unincorporate, with the knowledge, consent or connivance of the director, manager, partner or shareholder of that body corporate or unincorporate body, that director, manager, partner or shareholder commits an offence and is liable, on conviction, to the penalty or term of imprisonment specified for that offence. Insertion of new section 46A Offences by principal officers, partners or shareholders of bodies corporate or bodies unincorporate Value Added Tax (Amendment) [No. 15 of 2018 315
5
The principal Act is amended by the deletion of the words
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This section changes the principal Act by replacing the words “fiscal cash register” with “electronic fiscal device” wherever they appear.

5. The principal Act is amended by the deletion of the words “fiscal cash register” wherever they appear and the substitution therefor of the words “electronic fiscal device”. General amendment 316

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Value Added Tax (Amendment) Act, 2018

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Provisions of Value Added Tax (Amendment) Act, 2018

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