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Zambia

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About

Zambia

Capital
Official languages
Population 
Currency

ISO 4217

Lusaka

English

17.8 million

Zambian Kwacha

ZMW

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Economy

Zambia has seen a steady improvement in its economy over the past few years. According to the World Bank, the country’s GDP grew by an average of 4.2% between 2015 and 2019. This growth was driven by increased investment in infrastructure, agriculture, and mining. In 2019, the country’s GDP was estimated to be $25.2 billion, with a per capita GDP of $1,845.

The country’s unemployment rate has also seen a steady decline over the past few years, dropping from 11.2% in 2015 to 8.2% in 2019. This is largely due to the government’s efforts to create more jobs through public works programs and other initiatives.

Inflation has also been kept in check, with the annual rate dropping from 8.2% in 2015 to 6.2% in 2019. This has helped to keep prices stable and has allowed the country to maintain a healthy balance of payments.

Overall, Zambia’s economy has seen steady growth over the past few years, and the government’s efforts to create jobs and keep inflation in check have been largely successful. With continued investment in infrastructure and other sectors, the country is well-positioned to continue its economic growth in the years to come.

Taxation

In Zambia, both individuals and corporations are subject to taxation. The tax system is administered by the Zambia Revenue Authority (ZRA).


For individuals, the tax system is progressive, with higher earners paying a higher percentage of their income in taxes. The tax year runs from 1st January to 31st December. Individuals are required to file an annual tax return by 30th June of the following year. The tax rates for individuals range from 0% to 37.5%, depending on income.


For corporations, the standard corporate income tax rate is 35%. However, there are certain incentives available to encourage investment and economic growth. For example, new businesses in specific sectors may be eligible for a reduced tax rate of 15% for the first 5 years of operation. The tax year for corporations is the same as for individuals, running from 1st January to 31st December. Corporations are required to file an annual tax return by 30th June of the following year.


Tax payments can be made either in advance or in arrears, with advance payments required on a quarterly basis. In addition, value-added tax (VAT) is levied on most goods and services at a rate of 16%. VAT returns must be filed on a monthly basis. The ZRA offers an online platform for tax registration, filing, and payment, as well as various other tax-related services.

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