The object of this Bill is to amend the Income Tax Act so as to—

(a) increase the Pay As You Earn tax free threshold for an individual to fifty seven thousand six hundred Kwacha per annum from fifty four thousand six hundred Kwacha per annum, reduce the marginal tax rate for the second income bracket to twenty percent and adjust the income bands accordingly;

(b) increase tax credits for a person with disability to seven thousand two hundred Kwacha from six thousand Kwacha per annum;

(c) introduce a tax free threshold on turnover tax and rental income tax of twelve thousand Kwacha per annum;

(d) reduce the corporate income tax rate to twenty five percent from thirty percent on income earned from value addition to gemstones through a lapidary and jewellery facility;

(e) reduce the tax chargeable on income received by a special purpose vehicle from a public private partnership project by twenty percent for the first five years that the public private partnership project makes profit;

(f) introduce an accelerated rate of wear and tear allowance on a straight line basis not exceeding one hundred percent for an implement, plant and machinery acquired and used under a public private partnership project;

(g) abolish the two tier taxation system in the telecommunication sector and introduce a corporate income tax rate of thirty five percent;

(h) reduce the withholding tax rate from fifteen percent to zero percent on interest income earned on green bonds listed on the securities exchange in the Republic with maturity of at least three years;

(i) reduce the withholding tax rate to zero on interest earned

on a life insurance policy;

(j) increase the allowable expenditure for the construction of employee housing and the farm improvement allowance to one hundred thousand Kwacha from twenty thousand Kwacha;

(k) introduce a presumptive tax on income earned from artisanal and small scale mining at the applicable turnover tax rate based on the gross turnover less mineral royalty paid;

(l) reduce presumptive tax to fifteen percent from twenty five percent on land based (brick and mortar) betting companies for the 2023 and 2024 charge years;

(m) reduce the withholding tax rate on winnings from gaming and betting to fifteen percent from twenty percent for the 2023 and 2024 charge years;

(n) abolish the twenty percent withholding tax on reinsurance placed with reinsurers not licensed in the Republic;

(o) reduce the withholding tax rate to zero percent from fifteen percent on interest earned by an individual from a loan advance to a person under a savings group;

(p) introduce income tax concessions on income generated from the manufacturing of corn starch for fifteen years;

(q) extend the turnover tax regime to service providers in the gig economy;

(r) introduce specific penalties for negligence, wilful default and fraud with respect to presumptive tax on gaming machines and casino games (brick and mortar);

(s) introduce the use of an electronic fiscal device and other devices for income tax purposes;

(t) extend commodity royalty to resident to resident transactions;

(u) reduce the minimum age for tax payer identification number registration to sixteen years from eighteen years;

(v) repeal the approval process of pensions under income tax; 

(w) exempt a pension approved under the Pension Scheme Regulation Act from income tax; and

(x) provide for matters connected with, or incidental to, the forgoing.