9.5 C
Alba Iulia
Wednesday, July 15, 2020

UK-Zambia double taxation agreement implemeted

Economy UK-Zambia double taxation agreement implemeted

ames Thornton – BRITISH High Commissioner to Zambia
James Thornton – BRITISH High Commissioner to Zambia

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.

10 COMMENTS

    • 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.

  1. 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.

  2. 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.

  3. 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

  4. 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.

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Mweene, Shonga & Co Back in SA PSL Action in August

Chipolopolo's South African-based contingent will have to wait until August 1 to taste some competitive action following a pushback...

PF hooliganism and thuggery in the country keeps breaking news records

The UPND says PF hooliganism and thuggery in the country keeps breaking news records with the recent incident being where their thugs beat...

President Lungu: An Alleged Terrorist President

By: Anthony Bwalya - UPND Member For the avoidance of any doubt, I had to contact a news source in Rwanda to confirm the existence...

Electoral Commission of Zambia’s structuring of nomination fees is unfair and undermines inclusive participation

GEARS Initiative Zambia says the structuring of nomination fees in terms of ability, gender or age by the Electoral Commission of Zambia is unfair...

Bowman Lusambo and Nathan Chanda are behind the attacks on Mafken Radio in Mufulira-Kambwili

President of the opposition NDC Chishimba Kambwili says Lusaka Province Minister Bowman Lusambo and Copperbelt PF Chairman Nathan Chanda are behind the attacks on...
- Advertisement -

More Articles In This Category