Zambia Cuts Corporate Tax Rate

By Global Tax Weekly

The latest Zambian Budget is full to bursting with tax reforms, including a cut to the headline corporate tax rate and mining tax regime amendments.

The Budget featured a cut to the standard corporate tax rate from 35 percent to 30 percent, with the rate for telecommunications companies remaining at 40 percent and the 15 percent concessionary corporate tax rate for the hospitality sector to be extended until the end of 2022. A corporate tax waiver is to be introduced for manufacturers of ceramics during 2022 and 2023, and the period for disallowed interest deduction carry forward will be increased to 10 years from five years.

For the mining sector, the Budget proposed making mineral royalties again deductible for corporate tax purposes, and to broaden the tax base, it proposed extending property transfer tax to transfers of mineral processing and other mine related licenses at a 10 percent rate.

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