Page 45 - Profmark Africa Overview 2024

Zambia (GMT +2)

General:
▪ Capital City: Lusaka
▪ Official Language: English
▪ Currency: Zambian Kwacha (ZMW)
▪ Main Exports: Copper, cobalt, electricity, sugar, tobacco, cotton, flowers
▪ Surface Area: 752.6 sq. km (thousands)
▪ Population: 21,314 million (2024,est)
Key Economic Indicators:
▪ GDP: $28.16 billion (2023) / GDP Growth Rate: 5.8% (2023)
▪ CPI Inflation Rate (annual): 10.9% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: SD
▪ Indicator of Economic Freedom Score: 48.4/100
Exchange Controls:
▪ N/A
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Zambian-source /deemed Zambian-source income
▪ Non-residents: Zambian-source /deemed Zambian-source income
Tax Rates:
▪ Individuals: Progressive rates to 37% [the first ZMW 61,200 of taxable income - 0%]
▪ Companies: 35% (30% for mining companies)
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 16%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): N/A
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Bank of Zambia https://www.boz.zm
▪ Zambian Revenue Authority https://www.zra.org.zm
▪ Zambia Development Agency http://www.zda.org.zm

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