On 26 December 2023, Zambia enacted the Income Tax Amendment Act of 2023.
The Amendment Act effects the changes proposed in the 2023/24 budget speech. Read more on the Zambia 2023/2024 budget speech.
These changes are effective from 1st January 2024.
- Increasing the exempt threshold to K5,100 from K4,800 per month.
- Reducing the top tax rate to 37.0 percent from 37.5 percent.
Below is the tax table for 2024:
New Tax file available on 19 January 2024: New Tax File | Angola, Zambia and Zimbabwe: New tax file Version 202401 now available for download on Release 6.1b - changes effective 1 January 2024 (Sage VIP Premier only)
- All Zambia customers must rollover from December 2023 to January 2024
- A Tax Year-end copy system must be created before performing a Start new period to January 2024
- If you do not complete the rollover from December 2023 to January 2024, your December values will recalculate according to the new rates, which will require manual intervention.