Maintain 10 percent tax in agriculture sector – CSOs
According to Zambia Daily mail. A CONSORTIUM of civil society organisations (CSOs) has called on Government to consider maintaining the preferential rate of 10 percent corporate tax in the agriculture sector in the 2019 national budget to help accelerate investment in the industry and facilitate economic diversification.
Currently, incomes from farming and agro-processing activities are taxed at a reduced rate of 10 percent.
In its budget submission for 2019, CSOs feel maintaining corporate tax in the agriculture sector will lead to an increase in revenue as more investors are likely to invest in the industry.
“Upholding the preferential corporate tax rates at 10 percent will bring confidence to investors to invest in the sector due to policy consistency and stable environment,” the statement reads.
The CSOs have also suggested to Government to consider minimising the levels of tax incentives provided.
Currently, incomes from farming and agro-processing activities are taxed at a reduced rate of 10 percent.
In its budget submission for 2019, CSOs feel maintaining corporate tax in the agriculture sector will lead to an increase in revenue as more investors are likely to invest in the industry.
“Upholding the preferential corporate tax rates at 10 percent will bring confidence to investors to invest in the sector due to policy consistency and stable environment,” the statement reads.
The CSOs have also suggested to Government to consider minimising the levels of tax incentives provided.