Tax Alert – Zambia – Insurance Premium Levy Increased for 2022
On the 29th of December 2021, the Government of Zambia announced a new rate for the Insurance Premium Levy for 2022. Effective from the 1st of January 2022, the rate has increased to 5% from the previous rate of 3%.
Insurance Premium Levy, introduced in Zambia on 1st January 2016, is a tax imposed on insurance premiums for all classes of insurance business carried on by insurers. Reinsurance, however, is exempt from the tax.
This change has been updated on the IPT Lookup and Tax Calculator.
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