Income taxation in Zambia
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Income taxation in Zambia (incorporating the 2005 Income Tax (Amendment) Act) by Michael D. Kamanga

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Published by Zambia Centre for Accountancy Studies in [Lusaka] .
Written in English


Book details:

Edition Notes

Includes bibliographical references (p. ix) and index.

Statementby, Michael D. Kamanga ; updated by, Abraham C. Mulolani.
ContributionsMulolani, Abraham C., Zambia Centre for Accountancy Studies.
The Physical Object
Paginationix, 207 p. ;
Number of Pages207
ID Numbers
Open LibraryOL16639210M
LC Control Number2008346129

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In Zambia, income taxes are the major sources of revenue followed by consumption taxes (domestic VAT, import VAT and excise duty) and trade taxes (customs duty and export duty). Up until ten years ago, international trade taxes used to account for the bulk of the taxes collected but there has been a shift now to income taxes. The Income tax Act (Chapter of the Laws of Zambia) is the legislation that governs the taxation of Income in Zambia. Income tax is tax on profits made by Limited Companies, Partnerships and Self-Employed individuals as well as on emoluments earned by employees. All profit making persons have an obligation to pay Income tax on their profits. In Zambia, tax revenues fund a lot, but not all of expenditure. The shortfall is mainly plugged by foreign aid from cooperating partners and by government borrowing, both locally and internationally. THE TAX SYSTEM IN ZAMBIA The Zambian tax system broadly comprises income taxes, consumption taxes and trade taxes. An Act to amend the Income Tax Act. [22nd December, ENACTED by the Parliament of Zambia. 1. (1) ThisAct maybe citedas the Income Tax(Amendment) Act, , and shall be read as one with the Income Tax Act, in this Act referred to as the principal Act. (2) ThisAct shall come into operation on 1st January, 2.

of tax policy, in Zambia and the implementing agency is the Zambia Revenue Authority (ZRA). The legislative framework relating to the regulation and administration of the taxation is provided for in the Income Tax Act , as amended. The source of income and residence are the basis for liability to tax under the Zambian tax regime. The Income tax Act (Chapter of the Laws of Zambia) is the legislation that governs Income tax in Zambia. Income tax is tax on profits made by Limited Companies, Partnerships and Self-Employed individuals as well as on emoluments earned by employees. Advanced Taxation. This note covers the following topics: Taxation, revenue authorities and ethical issues, Tax audit and investigation, Tax appeal tribunal and interpretation of tax laws, Tax planning and tax avoidance, Taxation of incomes, offences and penalities, Taxation of income from settlement, Trusts and estates, value added tax, capital allowances, Tax effects of privatisation and. Last week, Bloomberg reported that Democratic presidential candidate Joe Biden will propose a “minimum book tax” of 15 percent on firms with $ million or more in net income that pay little to no federal income tax. This minimum income tax for firms is aimed at funding the former Vice President’s spending plans related to education, federal action on climate change, and increased.

This is a publication of news and views of what is happening at the Zambia Revenue Download COVID Penalty and Interest Waiver Guidelines KB downloads. DA Taxation Learning Outcomes On successful completion of D10, students should be able to: Describe the principles of taxation and explain the role played by taxation in the economy Identify and respond appropriately to ethical issues arising in the course of performing tax work Explain the administrative procedures for direct taxes, including objections and appeals procedure Calculate. An Act to provide for the taxation of incomes and matters connected therewith. Income Tax (Amendment) Act , Value Added Tax (Amendment) Act , Mines and Minerals (Amendment) Act Issues of Practice note: Contributor: Zambia Revenue Authority. Domestic Taxes Division: Publisher: Zambia Revenue Authority, Length: 28 pages: Export Citation: BiBTeX EndNote RefMan.