The Britain has commended the Zambian government for implementing the UK-Zambia double taxation agreement.
British High Commissioner to Zambia James Thornton said the agreement will help promote and foster business linkages between British and Zambia companies.
In a press statement issued to ZANIS in Lusaka today, Mr. Thornton said the publication of the agreement was a welcome development as it will enable Zambian and British companies to work together.
He noted that the double taxation agreement has eliminated administrative burdens and the additional costs to the business of being taxed twice.
Mr. Thornton further said the agreement will create a strong partnership between the two countries.
He said it will also help Zambia not only to continue growing prosperously but also to have a strong commercial basis.
The agreement was signed on February 4, 2014 during a ceremony held at the Ministry of Finance in Lusaka and came into force on July 20, 2015.
The new agreement has since replaced the 1972 double taxation agreement between the UK and Zambian government and will take account of the taxation policies and international developments.
And we hearing this from the British..our Dept of Commerce is sleeping as usual!!
This is good for all Zambian-Brits, who live, work and do business in the UK!
It is common for a business or individual who is resident in one country to make a taxable gain (earnings, profits) in another. Without agreement such as avoidance of double taxation it may mean that a person or business may find that he is obliged by domestic laws to pay tax on that gain where he or she is resident and pay again in the country in which the gain was made. Since this is inequitable, and not good for business therefore many nations make bilateral double taxation agreements with each other.
Zra has never asked me to submit a tax return aince i have been here in australia. If i were australian citizen but living in Zambia, Australian tax office will require me to submit a tax return and tax me if i am under taxed in zambia. So ZRA look at this loop hole, we zambians in diaspora basically owe ZRA alot.
LT – This is not news until you provide a summary of the law>Explain the law and its effect on business or individuals. I also agree the news should come from the Zambian authority. They may be sleeping on the job.
The reporter should have also stated in few lines what double taxation means in very simple terms. It’s poor reporting to assume that everyone in your audience understands the terms.
That’s presuming the reporter understands what he or she is reporting on….
Zambians are f00lish . How do you expect this news to come from a vision less leader. A president who has never had a press conference? The British know what they’re doing and for us obviously we have no clue. No idea. We are driven by foreign forces and can’t even articulate the pros and cons for this new taxation system
What a useless article. What does the agreement say? That’s the main point of the story
Point of correction to the person who typed ‘The Britain’ should be the United Kingdom or just Britain. In relation to the implication it was recently stated at the World Economic Forum 2015 that Africa lost $10 bn in taxes alone to multinational companies doing business.