Zambia has introduced several changes from the year beginning 1 January 2019. Key changes are summarized as follows:
- A 30% of EBITDA interest deduction restriction is introduced, with an exception for businesses on the turnover tax system and those registered under the Banking and Financial Services Act;
- The withholding tax rate on dividends, interest, and branch profit remittance is increased from 15% to 20% (harmonized with the current rate for commissions, management and consultancy fees,…