The Bank of Zambia issued a public notice raising the withholding tax on Government Securities to 20 percent from 15 percent with immediate effect. The 20 percent rate applies to coupon interest earned on Government Bonds and discount income on Treasury Bills, for both resident and non-resident holders. The increase applies to all previously issued Government securities as well as all subsequent issuances.
Bank of Zambia 2025-09-26
Bank of Zambia increases withholding tax on government securities income to 20 percent with immediate effect
The Bank of Zambia announced an immediate increase in the withholding tax on Government Securities from 15 percent to 20 percent. This new rate affects coupon interest on Government Bonds and discount income on Treasury Bills for both resident and non-resident holders, applicable to all existing and future issuances.