INSURANCE PREMIUM LEVY ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Powers of Commissioner-General

   4.   Charge of levy

   5.   When levy becomes due

   6.   Exemption

   7.   Recovery of levy

   8.   Regulations

   9.   Administrative rules

AN ACT

to provide for the imposition, payment and collection of an insurance premium levy; and to provide for matters connected with, or incidental to, the foregoing.

[1st January, 2016]

Act 21 of 2015,

Act 15 of 2017*,

1.   Short title

This Act may be cited as the Insurance Premium Levy Act.

2.   Interpretation

In this Act, unless the context otherwise requires—

“broker” has the meaning assigned to it in the Insurance Act, 1997;

“Commissioner-General” has the meaning assigned to it in the Zambia Revenue Authority Act;

“insurance agent” has the meaning assigned to it in the Insurance Act, 1997;

“insurance business” has the meaning assigned to it in the Insurance Act, 1997;

“insurer” has the meaning assigned to it in the Insurance Act, 1997;

“levy” means the insurance premium levy charged under section 4; and

“policy” has the meaning assigned to it in the Insurance Act, 1997.

3.   Powers of Commissioner-General

The Commissioner-General shall, subject to the direction of the Minister, give effect to the provisions of this Act and shall, for that purpose, have all the powers conferred on the Commissioner-General by the Zambia Revenue Authority Act and the Value Added Tax Act.

4.   Charge of levy

   (1) A three percent levy shall be charged, levied, collected and paid, on insurance premiums in respect of insurance policies for all classes of insurance business carried on by insurers, insurance agents or brokers except reinsurance.

[S 4(1) am by s 2 of Act 15 of 2017.]

   (2) Value added tax is not payable on an insurance premium.

5.   When levy becomes due

The levy is due at the time when an insurance premium is paid or becomes payable and shall be remitted by the insurer, insurance agent or broker to the Commissioner-General not later than the 14th day of the next month following the month in which the levy becomes due.

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