New Property Transfer Tax Rates in Effect

New Property Transfer Tax Rates in Effect: Here’s What You Need to Know!

Attention all property owners and investors: as of today, the newly enacted Property Transfer Tax Act No. 27 of 2024 is officially in force. This means updated tax rates now apply to transactions involving land, houses, mining rights, exploration licenses, company shares, and intellectual property like patents, trademarks, and industrial designs.

Key changes include:

• Property Sales (land and houses): Tax rate increased from 5% to 8%.
• Mining Rights & Licenses: Transactions will now attract a 10% tax on the total value.

With these new rates, sellers should prepare to pay higher taxes when transferring ownership. This change follows the President’s assent to the bill on December 24, 2024. Make sure to factor in these costs in your future transactions to stay compliant with the Zambia Revenue Authority (ZRA).

Stay informed. Stay prepared!