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Zambia Cancels Government Bond Discount Withholding Tax

by Lorys Charalambous, Tax-News.com, Cyprus

06 January 2016


The Bank of Zambia (BoZ) has confirmed that, with effect from January 1, 2016, withholding tax is no longer payable on income earned from discounts on government bonds.

The BoZ said that this measure, affecting all existing and new issues, is intended to promote the development of a secondary market in Zambian government bonds.

However, it also reminded all investors in government securities that withholding tax (currently at 15 percent) will still be deducted from the interest earned on government bond coupons.

TAGS: tax | investment | interest | capital markets | withholding tax | Zambia

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