AI-assisted research summary: This section amends the Charging Schedule by changing income tax rates and brackets, including rates for individuals, listed companies, and certain mining income.
10. The Charging �chedule to the principal Act is amended- (a) in clause(a) of subparagraph (1) ofparagraph2- . . . . ' . ; . -, ._(i) b y the dtletion o_fthe seipi-colon after the word " annum " and the substitution therefor of a colon; and (ii) by the insertion after the colon of the following proviso: Provided that the refund of employer's contribution from a defined contributory pension fund or scheme shall be taiced in accordance with clauses (b), (c), (d), (e) and (j) of this subparagraph. (b) in subparagraph (i) ofp�agraph 2- (i) by the deletion in clause (c) of the words " one -million nine hundred twenty thousand" and the substitution therefor of the words" three million one hundred twenty thousand"; (ii)"by the deletion of clause ( d) and the substitution therefor of the following clause: Amendment of Sixth Schedule Repeal and replacement ofNinth Schedule Amendment ofCharging Schedule 4 No. 1 of 2004] Income Tax (Amendment) ( d) on the balance of. so much of an individual's income as exceeds three million one hundred twenty thousand kwacha but does not exceed eleven million seven hundred sixty thousand kwacha at the rate of thirty per centum per annum; and (iii) by �e insertion immediately after clause {d) of the following new clauses: (e) on the balance of so much of an· individual'.s income as exceeds eleven million seven hundred sixty thousand kwacha but does not exceed sixty million kwacha at the rate of thirty-five per centum per annum; and I -,, (j) on the balance of so. much of an individual's income as exceeds sixty million kwacha at the rate of forty per centum per annuDL (c) in subparagraph (1) of paragraph 3- (a) by the deletion of clause {a) and the substitution therefor of the following clause: {a) on the income of any company whose shares are listed on the Lusaka Stock Exchange in the first year of its listing at the rate of two per centum below the rates specified- (i) in clauses (b), (c), (d) and (e) of · this subparagraph; and (ii) in clauses (b}, {c) and (d) of paragraph 5: Provided that- A. any company whose shares were listed on tlie Lusaka Stock Exchange prior to 1st April, 2004 shall not qualify for the tax incentive referred to in this clause; and Income-Tax. (Amendment) [No. 'tof 2004 S R where any company, whose shares are listed on the Lusaka Stock Exchange on or after Isl April, 2004, offers and sells one third of its shares to indigenous Zambians, the income of that company sha!J be charged at an additional rate of five per centum below the rates specified-- (i) in clauses (b), (c), (d) and. (e) of the subparagraph; and (ii) in clauses (b), (c),and (d) of paragraph 5;. (b) by the deletion of clause (e) and the substitution therefor of the following clause: (e) on the income from mining operations of any former Zambia Consolidated CopperMiningCompany oranymining company carrying out mip.ing operations in copper and cobalt at the I rate of twenty-five per centum per annum. j ,. 6 No, .I of)004] Income, z::ax (Amendment) APPENDIX (Section 9) NINTI-ISCHEDULE (Section 64A) PRESUMPTIVE TAX PART! TAX ON MOTOR VEHICLES FOR 111B CARRIAGBOPPERSONS Type a/Vehicles (Sitting Capacity) 64 seater and above