Zambia Act or statute

Zambia legislation

Property Transfer Tax (Amendment) Act, 2020

currency conversiongroup reorganisationproperty transfer taxreturn filingrevenue administrationshare transfersshareholdingstatutory draftingtax exemptionvaluation

Jurisdiction: Zambia
Structure: 6 provisions
Citation: Act 22 of 2020
Dates: Undated source snapshot

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Dates: Undated source snapshot

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“This section adds a definition of “Authority” to mean the Zambia Revenue Authority.”

This section adds a definition of “Authority” to mean the Zambia Revenue Authority. This section amends section 3(2) of the principal Act by replacing “Domestic Taxes Division” with “Authority”. A share transfer covered by subsection (1A) is not taxed if the transferred shares’ total value over three years is less than 10% of the company’s total share value. The Commissioner-General may set a transfer’s value at nil for certain group reorganisation transfers if the conditions are met. Section 6(1)(d) of the principal Act is amended by deleting the words “or trust.”

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Section 2 of the principal Act is amended by the insertion of

This section adds a definition of “Authority” to mean the Zambia Revenue Authority.

Section 2

Section 3(2) of the principal Act is amended by the deletion

This section amends section 3(2) of the principal Act by replacing “Domestic Taxes Division” with “Authority”.

Section 3

Section 5 of the principal Act is amended by the

The Commissioner-General may set a transfer’s value at nil for certain group reorganisation transfers if the conditions are met.

Section 5

Section 6(1)(d) of the principal Act is amended by the deletion

Section 6(1)(d) of the principal Act is amended by deleting the words “or trust.”

Section 6

Section 9 of the principal Act is amended by the deletion of

A provisional return must be in Kwacha, and if the transaction is in another currency its values must be converted to Kwacha using the appropriate Bank of Zambia mid-rate before submission.

Section 7

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Showing 6 of 6 provisions

Amendment 3Substitution 3

§ 2Section 2 of the principal Act is amended by the insertion ofAmendment

This section adds a definition of “Authority” to mean the Zambia Revenue Authority.

2. Section 2 of the principal Act is amended by the insertion of the following new definition in the appropriate place in alphabetical order: Amendment of section 2 “Authority” means the Zambia Revenue Authority established under the Zambia Revenue Authority Act;.

Section 2Verify source

§ 3Section 3(2) of the principal Act is amended by the deletionSubstitution

This section amends section 3(2) of the principal Act by replacing “Domestic Taxes Division” with “Authority”.

3. Section 3(2) of the principal Act is amended by the deletion of the words “Domestic Taxes Division” and the substitution therefor of the word “Authority”. Cap. 321 Amendment of section 3

Section 3Verify source

§ 4Section 4Amendment

A share transfer covered by subsection (1A) is not taxed if the transferred shares’ total value over three years is less than 10% of the company’s total share value.

4. Section 4 of the principal Act is amended by the insertion of the following new subsection immediately after subsection (1A): Amendment of section 4 (1B) A transfer of shares referred under subsection (1A), is not liable to tax if the total value of the transferred shares over a period of three years represents less than ten percent of the total value of shares in the company incorporated in the Republic. Single copies of this Act may be obtained from the Government Printer, P.O. Box 30136, 10101 Lusaka, Price K8.00 each. 344 No. 22 of 2020] Property Transfer Tax (Amendment) Amendment of section 5

Section 4Verify source

§ 5Section 5 of the principal Act is amended by theSubstitution

The Commissioner-General may set a transfer’s value at nil for certain group reorganisation transfers if the conditions are met.

5. Section 5 of the principal Act is amended by the— (a) deletion of subsection (2A) and the substitution therefor 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 the Republic, the realised value shall be whichever is greater of the— (a) effective shareholding multiplied by the value of the transferred shares; (b) effective shareholding multiplied by the consideration for the transferred shares; and (c) effective shareholding multiplied by the nominal value of the transferred shares.; (b) insertion of the following new subsections immediately after subsection (2A): (2A),where (2B) Despite the subsection Commissioner-General is satisfied that a transfer is made for the purpose of group reorganisation and that there is no change in the effective shareholding with respect to the company incorporated in the Republic, the Commissioner- General may determine a nil value for that transfer except that this subsection shall not apply to a company that has not been part of the group of companies for at least three years preceding the transfer. (2C) For the purposes of this section, effective shareholding means the extent of control or ownership in the company incorporated in the Republic by the company incorporated outside the Republic expressed as a percentage.; and (c) renumbering of subsections (2B) and (2C) as (2D) and (2E), respectively.

Section 5Verify source

§ 6Section 6(1)(d) of the principal Act is amended by the deletionAmendment

Section 6(1)(d) of the principal Act is amended by deleting the words “or trust.”

6. Section 6(1)(d) of the principal Act is amended by the deletion of the words “or trust”.

Section 6Verify source

§ 7Section 9 of the principal Act is amended by the deletion ofSubstitution

A provisional return must be in Kwacha, and if the transaction is in another currency its values must be converted to Kwacha using the appropriate Bank of Zambia mid-rate before submission.

7. Section 9 of the principal Act is amended by the deletion of subsection (2) and the substitution therefor of the following: Amendment of section 6 Amendment of section 9 Property Transfer Tax (Amendment) [No. 22 of 2020 345 (2) The provisional return referred to in subsection (1) shall be— (a) in Kwacha, except that where the transaction which is the subject of the provisional return is in another currency the values shall be converted into Kwacha at the appropriate Bank of Zambia mid-rate as at the end of the day immediately preceding the day on which the provisional return is submitted; and (b) submitted— (i) in the case of land, to the Commissioner of Lands together with the application for consent to transfer the property; and (ii) in all other cases, to the Commissioner-General within thirty days of the transfer. 346

Section 7Verify source

Legislative relationships

2 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

N–S

1 instrument

principal Act
Section 3

T–Z

1 instrument

Zambia mid-rate before submission. 7. Section 9 of the principal Act
Section 7

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