Planned tax reforms spook private sector

In his Budget Speech last February, the Minister of Finance, Kenneth Matambo, announced plans to discard the current two-tier system and replace it with a single corporate tax of 25 percent. This change would also include halving withholding tax on dividends to 7.5 percent.

While Matambo planned to have the changes in place by July 1 - the beginning of the tax year - this week all indicators suggest that the planned reforms will be put forward.