Reduce Company Income Tax from 30 to 15% – ZAM

By Ruth Chayinda

Zambia Association of Manufacturers has proposed that government considers reducing the Company Income Tax from 30 percent to 15 percent in the 2024 budget to promote a resilient manufacturing sector.

ZAM President ASHU SAGAR says the sector is also proposing that the 2024 Budget should reduce the standard VAT from 16 percent to 14 percent.

Mr. SAGAR said this when he made a presentation during the pre-budget meeting for the manufacturing sector in Lusaka.

And ZAM Vice President North FRONSCEN HALOBA urged government to consider the proposals as it will be able to address some of the challenges that the manufacturing sector is facing.

Speaking at the same meeting Finance and National Development Minister SITUMBEKO MUSOKOTWANE said government is determined to grow the tax base.

Dr. MUSOKOTWANE said government is mindful that taxes are an instrument that should promote and stimulate economic growth and not kill the industry.