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The Income Tax (Amendment) Bill, 2016
Parliamentary Period:
First Session of the Twelfth Assembly
The object of this Bill is to amend the Income Tax Act so as to -
(a) increase the pay as your earn tax free threshold for individuals from thirty - six thousand kwacha to thirty - nine thousand, six hundred per annum;
(b) increase the pay as you earn top marginal tax rate from thirty - five percent to thirty - seven point five percent;
(c) make it mandatory for all financial institutions to facilitate the acquisition of a taxpayer identification number by an account holder;
(d) provide for the Kwacha/United States Dollar exchange rate to be used in translating books of accounts;
(e) make it mandatory for a person changing ownership of a motor vehicle to obtain a tax clearance certificate;
(f) revise the turnover tax regime for persons carrying on business with annual turnover of eight hundred thousand kwacha or less;
(g) increast the rate of tax for the advance income tax from six percent to fifteen percent;
(h) extend the charge of tax on rental income to statutory bodies;
(i) allow deductions on the skills development levy as an expense; and
(j) provide for matters connected with, or incidental to, the forgoing.
Bill Stage:
Presentation
First Reading
Second Reading
Committee Stage
Third Reading
Bill: