Regulatory Alerts2002-03-28
Added · Updated
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.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
28 March 2002
CB Circular No. 05/2002
TO: ALL COMMERCIAL BANKS
WITHHOLDING TAX ON INTEREST INCOME ON GOVERNMENT BONDS
Kindly be advised that effective 1st April 2002, all income earned on government bonds shall attract withholding tax of 15 percent. This is in line with the budget announcement by the Minister of Finance and National Planning.
Please inform your customers that withholding tax shall be collected on any bond interest income accrued and payable after 1st April 2002.
Dr Abraham Mwenda
Deputy Governor - Operations
Bank Square, Cairo Road, P.O Box 30080, Lusaka 10101, Zambia Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm
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