On 22 March 2019, Zambia issued the Income Tax Act (Suspension of tax on payment of interest to non-residents) (Treasury Bill and Bond) Regulations 2019, which provides for a temporary reduction in the withholding tax rate to 15% on interest derived by non-residents from a treasury bill or bond. The standard rate on interest was increased from 15% to 20% as part of the tax changes for 2019 ({Ne…