The 2024 Budget Address was delivered to the National Assembly on Friday, 29th September 2023 and proposed changes include providing relief to workers by introducing a reduction in the current PAYE regime.
Parliament in Zambia enacted these changes via The Income Tax (Amendment) Act, 2023 on 26th December 2023 with effective date of 1st January 2024.
The exemption threshold increases from K4 800.00 to K5 100.00, and the top tax rate is reduced from 37.5%Â to 37.0%.
Click here to access the Income Tax (Amendment) Act, 2023.
Tax Table Changes 2024Â
The new annual tax tables are effective 1 January 2024:
Impact of the Zambia Tax Table Changes 2024 on PaySpace
- The new tax tables are effective 1 January 2024.
- All Zambia payrolls have been recalculated.
- No other statutory changes have been announced.
Should you have any questions regarding the Zambia Tax Table Changes 2024, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected]
The PaySpace Team