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Zambia legislation

Property Transfer Tax (Amendment) Act, 2019

This amendment changes how certain shares are valued for property transfer tax and gives the Commissioner-General powers to set a nil value in some group reorganisation cases.

group reorganisationproperty transfer taxshare valuation
Jurisdiction
Zambia
Structure
1 provisions
Citation
Act 13 of 2019
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“This amendment changes how certain shares are valued for property transfer tax and gives the Commissioner-General powers to set a nil value in some group reorganisation cases.”

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This amendment changes how certain shares are valued for property transfer tax and gives the Commissioner-General powers to set a nil value in some group reorganisation cases.

Section document

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This amendment changes how certain shares are valued for property transfer tax and gives the Commissioner-General powers to set a nil value in some group reorganisation cases.

Property Transfer Tax (Amendment) [No. 13 of 2019 381 GOVERNMENT OF ZAMBIA ACT No. 13 of 2019 Date of Assent: 27th December, 2019 An Act to amend the Property Transfer Tax Act. [27th December, 2019 ENACTED by the Parliament of Zambia. 1. (1) This Act may be cited as the Property Transfer Tax (Amendment) Act, 2019, and shall be read as one with the Property Transfer Tax Act, in this Act referred to as the principal Act. (2) This Act shall come into operation on 1st January, 2020. 2. Section 2 (1) of the principal Act is amended by the deletion of the definition of “share” and the substitution therefor of the following: “share” includes any stock, any certificate, warrant or equivalent rights;. Enactment Short title and commence- ment Cap. 340 Amendment of Section 2 3. Section 5 of the principal Act is amended by the— (a) deletion of subsection (2A) and the substitution therefor Amendment of section 5 of the following: (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 percent of a company incorporated in Zambia, the realised value shall be, whichever is greater of the— (a) proportion that the value of the Zambian company bears to the value of the transferred shares; (b) consideration for the share being transferred; or (c) nominal value; except that— Single copies of this Act may be obtained from the Government Printer, P.O. Box 30136, 10101 Lusaka, Price K4.00 each. 382 No. 13 of 2019] Property Transfer Tax (Amendment) (i) where the Commissioner-General is satisfied that a transfer with the realised value is made for the purposes of group reorganisation and that there is no change in the effective shareholding with respect to the Zambian company, the Commissioner-General may determine a nil value for that transfer; and (ii) this section shall not apply to a company that has not been part of the group of companies for at least three years.; and (b) deletion of subsection (2C) and the substitution therefor of the following: (2C) The Commissioner-General, in determining the realised value for shares, may make adjustments in accordance with the provisions of sections 97A and 97C of the Income Tax Act. Cap. 323
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