Property Transfer Tax (Amendment) Act, 2024

An Act to amend the Property Transfer Tax Act. [ 26th December, 2024
ENACTED by the Parliament of Zambia. 1. (1) This Act may be cited as the Property Transfer Tax
(Amendment) Act, 2024, and shall be read as one with the Property
Transfer Tax Act, in this Act referred to as the principal Act. (2) This Act shall come into operation on 1st January, 2025. 2. Section 2 of the principal Act is amended by the—
(a) deletion of the definition of “intellectual property” and the
substitution therefor of the following definition:
“intellectual property” includes a—
(a) patent granted for an invention under the
Patents Act, 2016;
(b) design registered under the Industrial Designs
Act, 2016;
(c) trade mark registered under the Trade Marks
Act, 2023; and
(d) copyright in a work registered under the Copy
Right and Performance Rights Act; and
(b) insertion of the following new definitions in the appropriate
places in alphabetical order:
Enactment
Short title
and
commencement
Cap. 340
Amendment
of section 2
Act No. 40
of 2016
Act No.22 of
2016
Act No. 11 of
2023
Cap. 406
Property Transfer Tax (Amendment) [No. 27 of 2024 401
GOVERNMENT OF ZAMBIA
ACT
No.

2
Act No. 40
of 2016
Act No.22 of
2016
Act No. 11 of
2023
Cap. 406
Property Transfer Tax (Amendment) [No. 27 of 2024 401
GOVERNMENT OF ZAMBIA
ACT
No.

27 of 2024
Date of Assent: 20th December, 2024
Singles copies of this Act may be obtained from the Government Printer,
P. O. Box 30136, 10101 Lusaka. Price K4.00 each

of Assent: 20th December, 2024
Singles copies of this Act may be obtained from the Government Printer,
P. O. Box 30136, 10101 Lusaka. Price K4.00 each

402 No. 27 of 2024 Property Transfer Tax (Amendment)
“building society” has the meaning
assigned to the words in the Building
Societies Act; and
“money-lender” has the meaning assigned
to the words in the Money-Lenders
Act;. 3. Section 4 of the principal Act is amended by the deletion of
subsection (2) and the substitution therefor of the following:
(2) The rate of tax is—
(a) ten percent of the realised value in respect of
a mining right for a mining licence;
(b) eight percent of the realised value in respect
of a mining right for an exploration licence;
(c) ten percent of the realised value in respect of
a mineral processing licence;
(d) eight percent of the realised value in respect
of land;
(e) eight percent of the realised value in respect
of shares; and
(f) eight percent of the realised value in respect of
intellectual property. 4.

and;
(e) eight percent of the realised value in respect
of shares; and
(f) eight percent of the realised value in respect of
intellectual property. 4.

Section 5 of the principal Act is amended by the deletion of
subsection (5A) and the substitution therefor of the following:
(5A) Where a financial service provider, building society
or money-lender transfers a foreclosed property, the realised
value of the foreclosed property shall be the actual price, if
any, received by the financial service provider, building society
or money-lender. Cap. 412
Amendment
of section 4
Cap. 398
Amendment
of section 5