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

(a) increase the PayAsYou Earn tax free threshold for individuals to fiftyfour

thousand Kwacha per annum;

(b) provide for the deductibility of mineral royalty for corporate income tax

assessment purposes;

(c) reduce the standard corporate income tax rate to thirty percent;

(d) extend the application of a fifteen percent income tax rate on income

earned by persons providing accommodation and food services to

31st December, 2022;

(e) exempt the payment of withholding tax on interest from interest earning

accounts held by individuals with institutions registered under the

Banking and Financial Services Act, 2017;

(f) revise the rental income tax regime;

(g) suspend the application of income tax to persons carrying on the business

of manufacturing ceramic products for the charge years 2022 and

2023;

(h) extend the period for which disallowed interest deduction can be carried

forward by persons carrying on a mining operation or electricity

generation;

(i) revise the bands for presumptive taxes on taxis and buses;

(j) introduce withholding tax at the rate of twenty percent on reinsurance

placed with reinsurers not licensed in the Republic;

(k) provide clarity on the computation of winnings for income tax purposes;

(l) provide for the registration of a person with disability with the Zambia

Agency for Persons with Disabilities for income tax purposes; and

(m) provide for matters connected with, or incidental to, the forgoing.