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

1. extend the application of the ten year period for carrying forward of losses to businesses carrying out electricity generation;
2. extend the application of withholding tax on management and consultancy fees to resident consultants;
3. clarify the tax treatment of winnings from gaming, lottery and betting when such winnings are by virtue of employment or office held;
4. remove the withholding tax application on the discount income of Government bonds;
5. increase the capital allowance rate from twenty – five percent to fifty percent for businesses carrying out electricity generation;
6. clarify that only companies whose shares are listed on the Lusaka Stock Exchange qualify for a reduced corporate tax rate; and
7. provide for matters connected with, or incidental to, the forgoing.