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on April 14, 2016

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PAYE in Zambia : Best Guidelines for Calculations

PAYE in Zambia : Best Guidelines for Calculations 1. What is Pay As You Earn (PAYE)? This is a method of deducting tax from employees’ emoluments in proportion to what they earn. Under this system, the employer is empowered to: a) calculate tax payable by every employee b) deduct tax due from the emoluments, and c) remit tax deducted to ZRA 2. What are emoluments? The term “emoluments” means total earnings of an employee from employment. These include wages, salaries, overtime, leave pay, commissions, fees, bonuses, gratuities and any other payments from employment or office. (Section 2 of IT Act). 3. How is tax calculated? Under the PAYE system, the amount of tax which the employer deducts from any pay depends on: a) The employee’s total gross pay b) The applicable tax rates; and c) Statutory deductions (contributions to an allowable Pension Scheme, e.g. NAPSA) up to K255.00 or the actual 15% of the gross salary, whichever is lower. Example: An employee with a gross pay of K12, 000.00...

GHANA VALUE ADDED TAX (VAT) ON IMPORTS

GHANA VALUE ADDED TAX(VAT) ON IMPORTS 1 INTRODUCTION 1.1 What this topic covers This topic deals with the VAT procedures which apply to goods imported into and exported from Ghana. It also deals with the procedures to be used by exporters of services, the recipients of imported services and with goods entering and leaving the Free Zone. 1.2 The law The law governing VAT is the Value Added Tax Act 1998 (Act 546) and Value Added Tax Regulations 1998 (L.I.1646). Sections 1, 2, 16 and 22 of the Act and Regulation 18 deal with imports. Sections 13, 15 and 25 and Schedule 2 of the Act and Regulation 14 deal with exports. 2 IMPORT OF GOODS 2.1 Liability to VAT The goods which attract VAT at importation are classified as such in the Customs Division Tariff in accordance with the Harmonised System (HS) Code classification. This classification also includes goods exempted under the law. The taxation of imported services is dealt with in Section 3 below. 2.2 Payment VAT is charged on all imp...

Tanzania Taxes: Excise Duty on Motor vehicles in Tanzania

Tanzania Taxes: Excise Duty on Motor vehicles in Tanzania Excise Duty on Motor vehicles in Tanzania is charged based on cylinder capacity as follows: Description of vehicle Applicable Rate Of cylinder capacity not exceeding 1000 0% Of cylinder capacity exceeding 1000 but not exceeding 2000 cc 5% Of cylinder capacity exceeding 2000 10% Importation of used motor veh...

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