Business

Zambia could earn over K40 million

Mwanakatwe

ESTHER MSETEKA, Lusaka
ZAMBIA could earn over K40 million if a five percent withholding tax is imposed on reinsurers outside the country.
Insurance Association of Zambia (IAZ) president Paul Nkhoma said out of the gross premium written of about K2.5 billion on the local market, K912 million was reinsured in 2016. This represents a market retention ratio of 63 percent.
“[We propose the] introduction of a five percent of withholding tax on reinsurance placed on reinsurers not licensed in Zambia.
“If this had been done in 2016, Government would have collected in excess of K40.74 million from these premiums in taxes,” IAZ proposed in the 2019 national budget.http://epaper.daily-mail.co.zm/


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