Regulatory Alerts2002-01-01
Withholding Tax on Interest Income on Government Bonds
The Bank of Zambia mandates a 15 percent withholding tax on interest income earned from government bonds, effective 1 April 2002. This directive aligns with the recent budget announcement by the Minister of Finance and National Planning. Commercial banks are instructed to collect the tax on all bond interest accrued and payable after the effective date and to notify their customers accordingly.
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