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This Act comprising 51 Sections applies to investors investing in a sector or an industry or any region of the Republic and aims to (i) foster economic growth and development by promoting trade, business development and investment through an efficient, effective, and coordinated private sector led economic development strategy; (ii) promote economic diversification through the growth of exports; (iii) promote, facilitate, protect, and monitor domestic and foreign direct investment; (iv) promote investment through joint ventures and partnerships between local and foreign investors; (v) facilitate the development of industrial infrastructure and commercial services; (vi) promote research on matters related to industrial development and facilitate the protection of new industries.
Among the main provisions to promote and protect investment and trade in Zambia there are (i) the establishment of the Trade and Investment Development Fund to support trade and investment activities and initiatives, support innovative income generating projects, and support the development of businesses in rural areas (Part VII); (ii) the provision of incentives for investors and exporters of locally produced goods and services, such as tax relief, exemption or reduction, access to finance and credit, and market information (Part VI); (iii) the protection of investors property from compulsory acquisition except in accordance with the Constitution and the law, and the facilitation of externalization of funds after payment of taxes and liabilities (Part II); (iv) the facilitation of the development of special economic zones and priority sectors with unique regulatory conditions and benefits (Part II); (v) the promotion of joint ventures and partnerships between local and foreign investors, and the encouragement of value addition, technology transfer, employment creation and skills development (Part I); (vi) the recognition of double taxation agreements between Zambia and other countries to avoid double taxation of foreign income (Part VI).
Title:
Investment, Trade and Business Development Act, No. 18 of 2022.
Country:
Zambia
Type of document:
Legislation
Date of text:
2022
Data source:
Repealed:
No