On 28 September 2018, Zambia’s Minister of Finance, Hon. Margaret Mwanakatwe presented the 2019 National Budget to Parliament.
The time period for making transfer pricing assessment may be raised for a period exceeding 6 years but not exceeding 10 years. Currently, the Income Tax Act provides that an assessment may not be raised beyond 6 years. The penalty for non-compliance with the transfer pricing regulations has been revised from 10,000 penalty units (i.e. K3,000) to 80,000,000 million penalty units (i.e. K24,000,000).
