Zambia Act or statute

Zambia legislation

Property Transfer Tax (Amendment) Act, 2024

Section 4(2) is replaced to set tax rates based on the realised value of certain assets and mining rights. If a financial service provider, building society, or money-lender transfers a foreclosed property, its realised…

Banking and financemining taxationproperty transfer

Jurisdiction: Zambia
Structure: 2 provisions
Citation: Act 27 of 2024
Dates: Undated source snapshot

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Dates: Undated source snapshot

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“Section 4(2) is replaced to set tax rates based on the realised value of certain assets and mining rights.”

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Section 4 of the principal Act is amended by the deletion of

Section 4(2) is replaced to set tax rates based on the realised value of certain assets and mining rights.

Section 3

Section 5 of the principal Act is amended by the deletion of

If a financial service provider, building society, or money-lender transfers a foreclosed property, its realised value is the actual price received, if any.

Section 4

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Substitution 2

§ 3Section 4 of the principal Act is amended by the deletion ofSubstitution

Section 4(2) is replaced to set tax rates based on the realised value of certain assets and mining rights.

3. Section 4 of the principal Act is amended by the deletion of subsection (2) and the substitution therefor of the following: (2) The rate of tax is— (a) ten percent of the realised value in respect of a mining right for a mining licence; (b) eight percent of the realised value in respect of a mining right for an exploration licence; (c) ten percent of the realised value in respect of a mineral processing licence; (d) eight percent of the realised value in respect of land; (e) eight percent of the realised value in respect of shares; and (f) eight percent of the realised value in respect of intellectual property. Amendment of section 5

Section 3Verify source

§ 4Section 5 of the principal Act is amended by the deletion ofSubstitution

If a financial service provider, building society, or money-lender transfers a foreclosed property, its realised value is the actual price received, if any.

4. Section 5 of the principal Act is amended by the deletion of subsection (5A) and the substitution therefor of the following: (5A) Where a financial service provider, building society or money-lender transfers a foreclosed property, the realised value of the foreclosed property shall be the actual price, if any, received by the financial service provider, building society or money-lender.

Section 4Verify source

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