Income Tax (Special Provisions) Act, 1982

This provision states the Act’s short title: the Income Tax (Special Provisions) Act, 1982.

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Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 3 of 1982
Version: 15 Mar 1982
Language: en
Official source: View official record ↗

act title amalgamation asset transfers capital allowances capital expenditure citation corporate tax deductions definitions loan agreements loss carry-forward regulatory timing tax exemption

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This provision states the Act’s short title: the Income Tax (Special Provisions) Act, 1982. This Act comes into operation on 17 March 1982. This section defines “Heads of Agreement” for this Act, unless the context otherwise requires. For capital allowances calculations, certain transfers of assets are treated as transfers between companies under common control if the parties elect. Certain pre-1982 income tax or mineral tax losses are to be carried forward or set off for Roan Consolidated Mines Limited, and treated as arising from the same source for sections 30 and 30A of the Income Tax Act.

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Legal text

Provisions of Income Tax (Special Provisions) Act, 1982

Showing 8 of 8

1
This Act may be cited a.s tho Income Tax (Special
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AI-assisted research summary: This provision states the Act’s short title: the Income Tax (Special Provisions) Act, 1982.

1. This Act may be cited a.s tho Income Tax (Special Provisions) Act, 1982.
2
This Act shall come into operation on the 17th March,
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AI-assisted research summary: This Act comes into operation on 17 March 1982.

2. This Act shall come into operation on the 17th March, 1982.
3
In this Act, unless the context otherwise requires
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AI-assisted research summary: This section defines “Heads of Agreement” for this Act, unless the context otherwise requires.

3. In this Act, unless the context otherwise requires- " Heads of Agreement " means the Heads of Agreement echedulod to the Amalgamation ofMining Companies (Special Provisions) Act, 1982, made on the 22nd December, 1981 (as varied by Supplemental Head� of Agreement dated the 10th February, 1982), between the Government of the Republic of Zambia, Zambia. Industrial a.nd !\fining Corporation Limited, N cha.nga Consolidated Copper Mines Limited, Roan Consoli dated Mines Limited, RST International Inc., Zambia Copper Investments Limited, and ZCI Holdings Limited. Enaotmen, Short Title Commenoe mont lnterpre taLl<m. Act No. 2 of 1982
4
For the purpose of calculating capita.I allowances or the
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AI-assisted research summary: For capital allowances calculations, certain transfers of assets are treated as transfers between companies under common control if the parties elect.

4. For the purpose of calculating capita.I allowances or the residue of capital expenditure unredeemed, in accordance with the provisions of paragraphs 15, 17 and 27 of the Fifth Schedule to the Income Tax Act, any transfer of assets from Controlled eales l\nd tranafers Cap, 668 Single copiu of lhia Act m(ly be oltail"ed from 1114 G011,mmem Printer, P.O. Box 30136, Ludaka. Prioe l0n. • 52 No. 3 of 1982) lncomeTa:r: (Special Provis-ions) Tax losses Cap. 668 Exemption from tax Deduction of oosts. Cap. 668 Continuation of o.pprovala of foreign organL-.ations Cap. 668 :Mines Limited to Roan Nchanga Consolidated Copper Consolidated Mines Limited pursuant to the scheme of arrange ment referred to in the Heads of Agreement shall be deemed to be a. transfer of assets between companies under common control, if the parties to the transfer so elect.

Part

Schedule to the Income Tax Act, any transfer of assets from

5
Any income tax or mineral tax losses incurred before or
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AI-assisted research summary: Certain pre-1982 income tax or mineral tax losses are to be carried forward or set off for Roan Consolidated Mines Limited, and treated as arising from the same source for sections 30 and 30A of the Income Tax Act.

5. Any income tax or mineral tax losses incurred before or during the charge year ended 31st March, 1982, by Nchanga. Consolidated Copper Mines Limited and which have not been dedu�ed from that company's income shall be carried forward and added to tho income tax or mineral tax losses or set off against the chargeable income, as the case may be, of Roan Consolidated Mines Limited and for the purposes of sections thirty and thirty A of the Income Tax Act such losses shall be regarded as arising from the same source.
6
There shall be exempt from tax income received by
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AI-assisted research summary: Income received by way of subsidy for the Broken Hill Division is exempt from tax, subject to clause 7(3) of the Heads of Agreement.

6. There shall be exempt from tax income received by way of subsidy in respect of the Broken Hill Division as provided in clause 7 (3) of the Heads of Agreement.
7
Notwithstanding the provisions of section twenty-nine of
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AI-assisted research summary: Costs tied to the Heads of Agreement and the amalgamation described here may be deducted by the people who bear those costs, despite section 29 of the Income Tax Act.

7. Notwithstanding the provisions of section twenty-nine of the Income Tax Act, a.II fees, costs and disbursements (including those of legal, accountancy and other advisers) incurred in connection with or incidental to the preparation of the Heads of Agreement, the implementation of the arrangements specified therein or otherwise relating to the amalgamation of N changa Consolidated Copper Mines Limited and Roan Consolidated Mines Limited, shall be allowed as a deduction in ascertaining the gains or profits of the persons bearing such costs.
8
Where in connection with any loan agreement entered
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AI-assisted research summary: An existing tax approval and related tax exemption for certain foreign organisations continue even if the relevant loan agreement is novated or amended.

8. Where in connection with any loan agreement entered into with Ncha.nga Consolidated Copper Mines Limited or Roan Consolidated Mines Limited any foreign organisation has been approved by statutory instrument under section fifteen of the Income Tax Act and the income and emoluments of any such foreign organisation have in consequence of such approval been exempt from tax, such approval and such exemption shall continue in force according to their terms notwithstanding the nova.tion or amendment of any such agreement in connection with the scheme of arrangement referred to in the Heads of Agreement.

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