The Insurance Premium Levy

THE INSURANCE PREMIUM LEVY ACT, 2015
ARRANGEMENT OF SECTIONS
Section
1. Short title and commencement
2. Interpretation
3. Powers of Commissioner-General
4. Charge of levy
5. When levy becomes due
6. Exemption
7. Recovery of levy
8. Regulations
9. Administrative rules
[No. 21 of 2015 453Insurance Premium Levy
Copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101, Lusaka, Price K4.00 each

. 21 of 2015 453Insurance Premium Levy
Copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101, Lusaka, Price K4.00 each

An Act to provide for the imposition, payment and collection
of an insurance premium levy; and to provide for matters
connected with, or incidental to, the foregoing.
[24th December, 2015
ENACTED by the Parliament of Zambia.
1. This Act may be cited as the Insurance Premium Levy Act
and shall come into operation on 1st January, 2016.
2. In this Act, unless the context otherwise requires—
“broker” has the meaning assigned to it in the Insurance Act,
1997;
“Commissioner-General” has the meaning assigned to it in the
Zambia Revenue Authority Act;
“insurance agent” has the meaning assigned to it in the Insurance
Act, 1997;
“insurance business” has the meaning assigned to it in the
Insurance Act, 1997;
“insurer” has the meaning assigned to it in the Insurance Act,
1997;
“levy” means the insurance premium levy charged under section
four; and
Enactment
Interpreta-
tion
Act No. 27
of 1997
Cap. 321
Act No. 27
of 1997
Act No. 27
of 1997
[No. 21 of 2015 455
Short title
and
commence-
ment
Act No. 27
of 1997
Insurance Premium Levy
GOVERNMENT OF ZAMBIA
ACT
No. 21 of 2015
Date of Assent:17th December, 2015

55
Short title
and
commence-
ment
Act No. 27
of 1997
Insurance Premium Levy
GOVERNMENT OF ZAMBIA
ACT
No. 21 of 2015
Date of Assent:17th December, 2015

Regulations
Administrative
rules
“policy” has the meaning assigned to it in the Insurance Act, 1997. 3. The Commissioner-General shall, subject to the direction of
the Minister, give effect to the provisions of this Act and shall, for
that purpose, have all the powers conferred on the Commissioner-
General by the Zambia Revenue Authority Act and the Value Added
Tax Act. 4. (1) A three percent levy shall be charged, levied, collected
and paid, on insurance premiums in respect of insurance policies
for all classes of insurance business carried on by insurers, insurance
agents or brokers. (2) Value added tax is not payable on an insurance premium. 5. The levy is due at the time when an insurance premium is
paid or becomes payable and shall be remitted by the insurer,
insurance agent or broker to the Commissioner-General not later
than the fourteenth day of the next month following the month in
which the levy becomes due. 6. The Minister may, by statutory instrument, exempt any person
from the payment of the levy. 7.

th following the month in
which the levy becomes due. 6. The Minister may, by statutory instrument, exempt any person
from the payment of the levy. 7.

Subject to the provisions of this Act, the Value Added Tax
Act applies, with necessary changes, to this Act in respect of—
(a) the recovery of the levy;
(b) the filing of returns;
(c) assessments;
(d) the keeping of records;
(e) the furnishing of information and production of documents;
(f) delegation of authority;
(g) the appointment of authorised officers;
(h) penalties and sanctions;
(i) reviews and appeals; and
(j)the priority of tax debts in bankruptcy. 8. The Minister may, by statutory instrument, make regulations
for the proper administration of this Act. 9. The Commissioner-General may, by notice in the Gazette,
make administrative rules for the proper administration of this Act. 456 No. 21 of 2015]
Powers of
Commis-
sioner
General
Act No. 27 of
1997
Cap. 321
Cap. 331
Charge of levy
When levy
becomes
due
Exemption
Recovery of
levy
Cap. 331
Insurance Premium Levy