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

1. increase the presumptive tax payable by public service vehicles for carrying passengers;
2. restrict the deduction of bad and doubtful debts incurred by banks and other financial institutions when determining the taxable income;
3. remove the requirement for businesses to submit financial statements and other information with the electronically filed annual return;
4. align tax incentives applicable to manufacturing enterprises located in a rural area, multi-facility economic zone or industrial park to the Zambia Development Agency Act, 2006;
5. align the definition of “minerals” to the definition provided in the Mines and Minerals Development Act, 2008;
6. restructure the tax regime for businesses carrying on mining operations; and
7. provide for matters connected with, or incidental to, the foregoing.