Zambia Goes Green

25 October 2022

8NDP & 2023 Budget Green Economy Highlights

The Eighth National Development Plan (“8NDP”) sets out Zambia’s strategic policy direction, development priorities and implementation strategies for the period 2022 – 2026. Regarding the Green Economy, the 8NDP prioritizes the implementation of climate change adaptation actions in Zambia’s Nationally Determined Contributions under the Paris Agreement to achieve improved climate change adaptive capacity, reduce vulnerability and enhance resilience to climate change. The government plans to promote low carbon sustainable consumption and production to reduce greenhouse gas emissions and to meet the emission reduction targets set out in the Nationally Determined Contributions. The Government also plans to enact legislation to support these policy objectives.

A “NEW DAWN” ON THE PROPERTY TRANSFER TAX REGIME

14 October 2022

The proposed Zambian National Budget for the year 2023 has been hailed as a progressive and ambitious developmental programme, building on the New Dawn Government’s mission to transform the Zambian economy. In its quest to generate the much-needed revenue, the 2023 budget is an interplay between revenue concessionary measures and compensating measures. As we enter the new year, we are set to see several reforms being made to, among other things, the property transfer tax (“PTT”) regime in Zambia.

Proposed Agricultural Sector Reforms in the 2023 National Budget

14 October 2022

Introduction

A review of the 2023 National budget has indicated, particularly in relation to agriculture, along with the subsectors of livestock and fisheries, a number of progressive reforms that the government intends to undertake in the coming year. With a view to adequately address this major sector of the economy, below is a summary of the proposed developments for enhanced agricultural productivity.

Proposed Mining Sector Reforms in the 2023 National Budget

11 October 2022

Introduction

The mining sector is arguably one of the corner stones of the country’s economy accounting for 17.5% of the country’s GDP and over 70% of foreign exchange earnings in 2021. However, the COVID-19 pandemic in the past year was among others, a major contributing factor to the low production experienced in this sector.

FORM VERSE SUBSTANCE: RECHARACTERISATION OF FINANCING AGREEMENTS

28 September 2022

Over the years, there has been a growing stance in the money lending sphere in which the loan agreements are drafted in a way that passes off as an ultimate sale of the collateral granted by a borrower. Typically, the question that arises when there is a dispute between the parties is whether the transaction is one which creates an absolute interest (e.g. by way of sale) or one which is less than absolute (e.g. a security interest). In this article, we explore the distinction between the form and substance in the characterisation of finance agreements.

Zambian Mining Sector Reforms

6 September 2022

Based on an article appearing in the Daily Mail Newspaper of 31 August 2022, the Government of the Republic of Zambia plans to set up a mining commission to improve compliance levels (currently at 10%) of mineral royalty paid by mining firms. Further, this development is part of the imminent mining sector reforms to be undertaken by the Zambian Government.

THE TAX APPEALS TRIBUNAL RULES 2022

Authors: Martha Siwale Namwila-Mwala and John Chulu   22 August 2022   Introduction On 3rd June 2022, the Chief Justice of the Republic of Zambia, Honourable Dr. Justice Mumba Malila S.C prescribed the Tax Appeals Tribunal Rules, Statutory Instrument No. 37 of 2022 (the “TAT 2022 Rules”). Notably, the Rules were passed pursuant to Section 18 of the Tax Appeals Tribunal Act No. 1 of 2015 (the “Act”) which empowers the Chief Justice to prescribe subsidiary legislation through statutory instruments. Background Prior to 2015, the Revenue Appeals Tribunal Act of 1998 (the “Repealed Act”) provided the governing law of what was then known...

Lexology GTDT Merger Control 2023 – Zambia

Contributors: Sydney Chisenga and Mwinji Nachinga   18 August 2022   Introduction This guide provides guidance on merger control system in Zambia with respect to the legislation controlling mergers, notification and clearance timetables, thresholds, triggers and approvals.   [embeddoc url="https://corpus.co.zm/wp-content/uploads/2022/08/2023-Merger-Control-Zambia.pdf" download="all"] ...

Credit Referencing: The permutations of the Court of Appeal Decision in the case of Melissa Supermarket and Another vs. Stanbic Bank Zambia Limited [2022] ZMCA 17 (the “Melissa Decision”)

Authors: Lupiya Simusokwe, Sankananji Mubanga and Salifyanji Simwanza 09 June 2022   Introduction Over the years, varied sentiment has arisen over the establishment and use of credit reference bureaus in Zambia. To one judge, credit reference bureaus represent hidden powers that would be gathering “black information” on individuals and business houses to assist banks and lending institutions to make decisions on whether to lend money. Nonetheless, to some, it is a tool used to determine the credit behaviour of individuals and entities since as they say, “the best predictor of future behaviour is past behaviour”. So then, what is Credit Referencing? Credit referencing is a process...