Page 47 - Nexia SAB&T Africa Overview 2025

Zambia (GMT +2)

General:
▪ Capital City: Lusaka
▪ Official Language: English
▪ Currency: Zambian Kwacha (ZMW)
▪ Main Exports: Copper, cobalt, electricity, sugar, tobacco, cotton, flowers
▪ Surface Area: 752.6 sq. km (thousands)
▪ Population: 21,9 million (2025,est)
Key Economic Indicators:
▪ GDP: $29,8 billion (2023) / GDP Growth Rate: 4.7% (2024)
▪ CPI Inflation Rate (annual): 14.2% (2025)
▪ Sovereign Credit Ratings: Moody’s: Ca, S&P: Selective default,
Fitch: Restricted default (in default with some to little prospect of recovery)
▪ Indicator of Economic Freedom Score: 50.9/100 (2025): Mostly Unfree
Exchange Controls:
▪ N/A
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Zambian-source /deemed Zambian-source income
▪ Non-residents: Zambian-source /deemed Zambian-source income
Tax Rates:
▪ Individuals: Progressive rates to 37%
▪ Companies: The standard rate is 30% on taxable corporate income (certain sources of
income are subject to different rates ranging between 0% and 35%)
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 16%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): N/A
▪ Double Taxation Agreements: In place with several countries

Useful links:
▪ Bank of Zambia https://www.boz.zm
▪ Zambian Revenue Authority https://www.zra.org.zm
45