Proposed amendments to income tax, property transfer tax, and mobile money transaction tax bills
The Minister of Finance and National Planning on November 28, 2024, submitted proposed amendments to the Income Tax (Amendment) Bill, Property Transfer Tax (Amendment) Bill, and Mobile Money Transaction Levy Bill following release of the budget report.
Key changes include reducing the threshold for loss carryforwards, increasing turnover tax thresholds and rates, and revising rental income tax rates. Property transfer tax rates will rise, and levies on mobile money transactions will double, with exemptions removed.
The amendments await parliamentary approval and presidential assent.
For more information, contact a KPMG tax professional in Zambia:
Michael Phiri | mphiri@kpmg.com