The objects of this Bill are to —

(a) increase the Pay-AsYou-Earn tax free threshold for individuals to forty-eight thousand Kwacha per annum;

(b) increase the amount allowed as a deduction for employing a person with disability to two thousand Kwacha per annum from one thousand Kwacha per annum;

(c) increase the tax credit for persons with disabilities to six thousand Kwacha per annum from three thousand Kwacha per annum;

(d) reduce the income tax rate to fifteen percent on income earned by persons providing accomodation and food services;

(e) introduce a local content allowance for utilisation of selected local raw materials to encourage local content, value addition and agro-processing;

(f) increase the number of years for claiming development allowance to five years from three years on expenditure incurred on the growing of, rose flower, tea, coffee, banana plant, citrus fruit trees or other similar plants or trees;

(g) increase the tax rate on betting to twenty-five percent of gross takings from ten percent of gross takings;

(h) provide for the imposition of withholding tax on payments made by a resident company in the Republic to a non- resident company in respect of royalty financing;

(i) provide for the madatory maintenance of books of accounts in Zambian Kwacha; and

(j) provide for matters connecte with, or incidental to, the forgoing