New Year New Tax Rates: Revision of the Property Transfer Tax Rates 

Parliament has enacted the Property Transfer Tax Act No. 27 of 2024 which has introduced significant changes to property transfer tax (PTT) rates.  

For property owners, investors, and businesses, understanding and preparing for these changes is crucial. Here’s what you need to know: 

Key Changes to Tax Rates 

1. Land  

The property transfer tax in respect of land has been increased from 5% to 8% of the realized value. 

2. Mining Rights for a Mining License and Mineral Processing Licenses  

Transactions involving mining rights for a mining license or mineral processing licenses will now attract PTT at 10% of the realized value. 

3. Mining Rights for Exploration Licenses 

Transactions involving mining rights for an exploration license will be taxed at 8% of the realized value. 

4. Shares and Intellectual Property 

The rate of property transfer tax in respect of shares and intellectual property rights is now 8% of the realized value.  

Implications of the PTT Revisions 

The increased tax rates mean higher costs for transferring ownership. For property sellers, particularly those in the real estate and mining sectors, it is essential to account for these adjustments during negotiations and transaction planning. 

Additionally it should be noted that the PTT amendment Act has been amended to allow a money-lender and building society to use the actual
price received in determining the realised value for the
disposal of foreclosed property.  

Further, the PTT amendment Act has provided for the definition of intellectual property which includes registered trademarks, copyrights, patents and designs.  

Why the Revision? 

The new rates are part of broader fiscal reforms aimed at increasing government revenue while aligning Zambia’s property tax framework with regional standards. These changes were signed into law following the President’s assent to the bill on December 24, 2024. 

How We Can Help 

At Mbulo and Partners Legal Practitioners, we offer comprehensive legal advisory services to help businesses and individuals navigate various legal complexities.  

The revised tax rates require careful consideration in all transactions that may attract PTT. Failure to comply with the new regulations could lead to penalties or delays in completing transactions. 

This update is given for information purposes only. Feel free to contact us for any questions and clarifications.