The object of this Bill is to amend the Income Tax Act so as to—
(a) permit the deduction of the skills development levy as a
tax deductible expense in advance of its payment to
align with the accrual principles that apply for other
deductions under the Act;
(b) extend advance tax on income at the rate of fifteen
percent to remittances and exports above two thousand
United States dollars or kwacha equivalent made
through a commercial bank by an account holder without
a valid tax clearance certificate;
(c) provide an exemption on withholding tax on royalties;
(d) increase the bands for presumptive taxes by twenty
percent for motor vehicles used for the carriage of
persons;
(e) increase the corporate income tax rates from fifteen
percent to twenty percent for export of non-traditional
products and value addition to copper cathodes;
(f) provide a waiver for a penalty arising from an
underestimation of a provisional return;
(g) mandate a person or partnership declared to be an agent
to remit withheld tax before the return is due;
(h) maintain the withholding tax rate on winnings from
gaming, lotteries and betting at fifteen percent; and
(i) provide for matters connected with, or incidental to, the
forgoing.