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ZRA urged to reduce rental income tax
The Landlords and Tenants Information Referral Centre
Picture: Zambian Business Times
The Landlords and Tenants Information Referral Centre (LTIRC) has called on the Zambia Revenue Authority (ZRA) to consider reducing rental income tax rates to encourage compliance and ease the financial burden on property owners.
According to a report, ZRA has a fixed rate of 0-16 percent depending on the earnings. The call comes after ZRA revealed that only 19,018 out of 750,000 landlords are officially registered and fully compliant with rental income tax obligations.
Commenting on the matter in an interview with the Zambian Business Times (ZBT), LTIRC Director Roban Muke said ZRA should consider the financial challenges faced by landlords, particularly amid volatility in the real estate sector.
“Let everyone come on board by reducing the percentage across the board and we will not have a problem. Most of these landlords face challenges with tenants not paying, yet they are expected to pay something to ZRA,” Muke said.
He added that commercial property owners also face similar challenges, as some tenants struggle to meet their rental obligations, making it difficult for landlords to meet their tax commitments.
Muke said a reduction in the rental income tax rate could encourage more property owners to register and comply with their tax obligations.
Article by Samuel Mutale
Source: Zambian Business Times — Read more
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