Legal Document

Title: The Insurance Premium Levy Act, 2015
Type: Act
Issuing Agency: Parliament of Zambia
Responsible Agency: Zambia Revenue Authority
Issuing Date: 24-12-2015



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

Date ofAssent:17th December, 2015
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 LevyAct 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 RevenueAuthorityAct;
“insurance agent” has themeaning 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 premiumlevy charged under section four; and
“policy” has the meaning assigned to it in the InsuranceAct, 1997.

3. The Commissioner-General shall, subject to the direction of theMinister, give effect to the provisions of thisAct and shall, for that purpose, have all the powers conferred on the Commissioner- General by the Zambia RevenueAuthorityAct and theValueAdded Tax Act.
4. (1)Athree 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. TheMinistermay, 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. TheMinistermay, by statutory instrument,make regulations for the proper administration of thisAct.
9. The Commissioner-General may, by notice in the Gazette, make administrative rules for the proper administration of thisAct.
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