Zambia Implements 2021 Budget Tax Changes

Zambia has reportedly implemented the 2021 Budget tax changes through various amendment acts, which generally apply from 1 January 2021. Some of the main tax measures of the Budget include:

• A reduction in the corporate income tax rate from 35% to 15% on income earned by hotels and lodges on accommodation and food services, which is aimed at giving relief to businesses in the hospitality industry that have been highly affected by the COVID-19 pandemic for the 2021 charge year;
• An increase in …