Zambia proposes 39.5% tax rate above 37,000 kwachas
By the AFREEQUE newsroom, based on Zambian Observer
Zambian Finance Minister Situmbeko Musokotwane has proposed a new marginal income tax band of 39.5% for people earning more than 37,000 kwachas per month. Incomes below this threshold will remain subject to the current tax schedule, according to Zambian Watch.
The Zambian government is proposing to raise the top marginal income tax rate to 39.5% for individuals earning more than 37,000 kwachas per month. Finance and National Planning Minister Situmbeko Musokotwane specified that the measure would apply only to income exceeding this threshold, according to Zambian Watch.
People earning less than 37,000 kwachas per month would retain the current tax rules, Situmbeko Musokotwane said. The 39.5% rate would apply to the highest income band and not to the entirety of the salary of affected taxpayers, according to the minister.
The proposal comes as discussions focus on personal income taxation, disposable income and the cost of living in Zambia, according to Zambian Watch.
