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Tax Alert - Introduction of requirement for insurance businesses to have a minimum percentage of shares owned by Zambians

The 1997 Insurance Act was repealed and replaced by Act No. 38 of 2021 (“Insurance Act, 2021“ or “the new act”). However, we should note that the new Act will only become operational upon the Minister’s issuance of a statutory instrument (“SI”). Given that Parliament remains dissolved, the SI is likely to be issued after the elections.

 

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Introduction of requirement for insurance businesses to have a minimum percentage of shares owned by Zambians

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George Chitwa

George Chitwa

Director, PwC Zambia

Tel: +260 (0) 97 10 27 555

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