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The Zambia Association of Manufacturers (ZAM) has urged the government to reduce the standard VAT rate from 16 to 14 percent and the Company Income Tax rate for the sector from 30 to 15 percent in the 2024 budget
The Zambia Association of Manufacturers (ZAM) has urged the government to reduce the standard VAT rate from 16 to 14 percent and the Company Income Tax rate for the sector from 30 to 15 percent in the 2024 budget.
The Association also called on the government to exempt import VAT for pharmaceutical manufacturing companies when importing raw materials for medicine.
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ZAM president Ashu Sagar also proposed an amendment to the levying of the 3 percent excise duty on self-generated electricity in companies. He said the proposed budget measures in 2024 – general tax measures should include reducing the Company Income Tax (CIT) rate for the manufacturing sector from 30 to 15 percent.
