tax

Recently the Zambia Revenue Authority (ZRA), officially announced and clarified the applicable changes to tax on rental income following the adoption of the 2022 National Budget by Parliament in late December 2021. The announcement on the 12th of January by the ZRA was followed by a number of well-planned informational sessions including a Facebook Live presentation and a Zoom webinar among others. This short article is a summary of these comprehensive informational sessions to serve as a short guide...

Money Management Strategies For Those Working Overseas Managing your finances while living abroad can be challenging. Overseas workers often find their personal wealth suspended across borders, with bank accounts in different countries and income in different currencies. Taxes, transaction fees, currency conversions, and restrictions around opening a bank account are common headaches an overseas...

5 Essential Elements Of A Contract Of Sale: Buying Property In Zambia The contract of sale is an essential part of the process when buying property in Zambia. The contract of sale is a formal document outlining terms and conditions by which a seller agrees to sell and a buyer agrees to buy a property described in the document. The contract is signed by both parties after a final draft is agreed upon by the...

6 Tips When Looking For Rental Property In Lusaka Here are 6 tips when looking for rental property in Lusaka. We hope this saves you time and a potential disaster story in which you're the victim! Feel free to add to these your own tips in the comment section. 1. Use a real estate agent. Yes, it sounds biased coming from an agency right? Truth is however, while some people think searching for the right...

Property Transfer Tax in Zambia: Special Cases So now that you understand your tax obligations on property for sell, you need to also have an idea of the special cases that may apply with regards to property transfer tax (PTT) in Zambia. In a few special cases, you may be exempt from paying property transfers tax in Zambia. The following are some special cases that provide for exemptions at the time of...

How to Plan Your Mortgage for Your Real Estate Purchase in Zambia Don’t wait to buy real estate, buy real estate and wait. Holds true in any part of the world, real estate is still the most stable and highly recommended investment you can make. Most people would normally want to own their own home at some point. And as this is an important investment decision, it is important to take some steps to ensure...

10 Tips On How To Choose The Right Neighbourhood For Your Property Investment When thinking about a neighbourhood for your property investment, you will consider a number of factors before looking or speaking to your broker. Here are a few tips to consider when selecting a neighbourhood for your property investment. The Property’s Neighbourhood The neighbourhood will determine the quality of tenants...

NOTE: 2022 Update here: 2022 Budget Changes on Rental Income Taxation 14th February 2018 Issued by Topsy Sikalinda Corporate Communications Manager Zambia Revenue Authority (ZRA) ZRA CALLS ON ALL TENANTS AND LANLORDS TO REGISTER FOR WITHHOLDING TAX ON RENTAL INCOME The Zambia Revenue Authority (ZRA) has given an opportunity to all landlords and tenants that are not registered and are not paying...

Who pays property transfer tax in Zambia? A common question sometimes in property transactions once the ideal real estate is found and buyer wants to move on transaction. Let’s begin by adding some definitions: Property in this case will be regarded as any land in Zambia including any buildings or additions made to or on the land at the time the transfer is effected or made. Property Transfer Tax (PTT)...

NOTE: 2022 Update here; 2022 Budget Changes on Rental Income Taxation Give to Caesar that which belongs to Caesar. A little difficult most times to know everything that belongs to Caesar, perhaps Caesar owns far too much? Regardless, it is important to be compliant and avoid running into any potential trouble with the law. Ignorance is no defense. Recently, the Zambia Revenue Authority (ZRA) has been...