29.

   Deductions generally

   (1) Subject to the other provisions of this Part in ascertaining-

   (a)   business gains or profits in a charge year, there shall be deducted

the losses and expenditures, other than of a capital nature, incurred in
that year wholly and exclusively for the purposes of the business; and

   (b)   income from a source other than business, only such expenditure,

other than expenditure of a capital nature, is allowed as a deduction for
any charge year as was incurred wholly and exclusively in the production
of the income from that source.

[S 29(1) subs by s 4(a) of Act 20 of 2020 w.e.f. 1 January 2021.]

   (1A) Despite subsection(1), a deduction shall be allowed on the amount

payable by way of interest on money borrowed by any person where the
Commissioner-General is satisfied that the loan or advance was obtained
for capital employed wholly and exclusively for business purposes or in
the production of income.

[S 29(1A) ins by s 4(b) of Act 20 of 2020 w.e.f. 1 January 2021.]

   (1B) Despite any other provisions of this Act, in ascertaining business

gains or profits in a charge year a deduction shall not be allowed on gross
interest expense that exceeds thirty percent of the tax earnings before
interest, tax, depreciation and amortisation.

[S 29(1B) ins by s 4(b) of Act 20 of 2020 w.e.f. 1 January 2021.]

   (2) Only one deduction is allowed under this Act in respect of the same
matter in any charge year:

Provided that any foreign currency exchange gains or losses of a bank of a

capital nature shall not be assessable or deductible as the case may be in
the charge year in which they are translated.

[S 29(2) proviso ins by s 4 of Act 3 of 2002 w.e.f. 1 April 2002*.]

   (3) Despite subsection (1)(a), interest, including disallowed interest, is

subject to the deduction of withholding tax in accordance with section
82A.

[S 29(3) ins by s 2(b) of Act 17 of 2018 w.e.f. 1 January 2019.]

   (4) Interest on which a deduction is not allowed under this section may
be carried forward and treated as incurred during the next charge year,
except that interest shall not-

   (a)   exceed thirty per cent of the tax earnings before interest, tax,
depreciation and amortisation; and

   (b)   be carried forward for more than five years.

[S 29(4) ins by s 2(b) of Act 17 of 2018 w.e.f. 1 January 2019.]

   (5) Section 97A applies to interest which is allowable as a deduction

under this section or which would, but for this section, be allowable as a
deduction.

[S 29(5) ins by s 2(b) of Act 17 of 2018 w.e.f. 1 January 2019.]

   (6) This section does not apply to an institution registered under the
Banking and Financial Services Act, 2017, the Pension Scheme Regulation
Act, or the Insurance Act, 1997.

[S 29(6) ins by s 2(b) of Act 17 of 2018 w.e.f. 1 January 2019.]

   (7) For the purposes of this section-

   "gross interest expense" means the interest paid or accrued by a

business in a charge year;

   "interest" includes interest on all forms of debt, payments that are

economically equivalent to interest and expenses incurred in connection
with the raising of finance to the extent that the incidental costs of raising
finance are not covered by section 44(n); and

   "tax earnings before interest, tax, depreciation and amortisation" means

the sum of taxable income, gross interest expense, depreciation and
amortisation.

[S 29 am by Act 26 of 1970; s 29(7) ins by s 2(b) of Act 17 of 2018 w.e.f. 1 January

2019.]

29A.   Foreign currency exchange gains and losses

   (1) Notwithstanding the provisions of section 29 or any other provisions
of this Act, any foreign currency exchange gains or losses, other than
those of a capital nature, shall be assessable or deductible, as the case
may be, in the charge year in which such gains or losses are realised, that
is to say, in the charge year in which the person or partnership concerned
is required to pay the additional kwacha or is allowed a rebate or a
reduction in settlement of a foreign debt or liability:

[S 29A(1) subs by s 7 of Act 6 of 1999 w.e.f. 1 April 1999*.]

Provided that foreign exchange losses of a capital nature incurred on

borrowing used for the building and construction of an industrial or
commercial building shall be deductable.

[S 29A(1) proviso ins by s 3(a) of Act 3 of 2003 w.e.f. 1 April 2003*.]

   (2) sub-section (1) shall not apply in case of a bank.

[S 29A(2) subs by s 7 of Act 6 of 1999 w.e.f. 1 April 1999*.]

   (3) Where the accounts of a bank made up for the bank's accounting
period ending in the charge year ending 31st March, 1999 recognise any
foreign currency exchange gain or loss but that gain or loss is not realised
within the meaning of sub-section (1) in that charge year, then the amount
of that gain or loss shall be deemed to be a gain or loss of the business
carried on by the bank assessable or deductible, as the case may be, in
the charge year ending 31st March, 2000.

[S 29A(3) subs by s 6 of Act 4 of 2000 w.e.f. 1 April 2000*.]

   (4) In this section "industrial building" and "commercial

building" have the meaning assigned to them in the fifth schedule.

[S 29A(4) ins by s 3(b) of Act 3 of 2003 w.e.f. 1 April 2003*.]

30.   Losses

   (1) A loss incurred by a person in a charge year from-

   (a)   a source other than a mining operation, shall be deducted from that
person's income from the same source on which the loss was incurred;
and
   (b)   a mining operation, shall be deducted from 50 percent of the
income of the person from the mining operation.

   (2) Where a loss referred to in-

   (a)   paragraph (a) of sub-section (1) exceeds the income of a person for

a charge year, the excess shall, as far as possible, be deducted from that
person's income from the same source on which the loss was incurred in
the following charge year; and

   (b)   paragraph (b) of sub-section (1) exceeds 50 percent of the income

from a mining operation for a charge year, the excess shall, as far as
possible, be deducted from 50 percent of that person's income from the
mining operation in the following charge year.

   (3) Subject to sub-section (1) and (2), a loss incurred by a person-

   (a)   carrying on a mining operation or electricity generation, shall not be

carried forward beyond 10 subsequent charge years after the charge year
in which the loss is incurred; and

[S 30(3)(a) am by s 4 of Act 19 of 2015 w.e.f. 1 January 2015.]

   (b)   in any other case shall not be carried forward beyond five
subsequent years after the charge year in which the loss was incurred.

   (4) Losses brought forward as at 31st March, 1997, shall be deemed to

have been incurred in the charge year ending 31st March, 1997.

   (5) Where on the death of an individual, interest in a business passes to

that individual's spouse, any undeducted loss attributable to that interest
shall be deducted from the spouse's income from that business in
accordance with sub-section (2).

[S 30 subs by s 4 of Act 6 of 2015 w.e.f. 1 July 2015.]

30A.   Indexation of losses

   (1) The losses to be deducted by a person carrying out any mining

operations and keeping books of accounts in United States dollars under
sub-section (3) of section 55 shall be indexed losses.

[S 30A(1) subs by s 4 of Act 27 of 2011 w.e.f. 1 April 2012*.]

   (2) For the purposes of this section indexed losses shall be computed as
follows-

[1 +(R2-R1) /R1] x (loss brought forward)

Where:

R1 is the Kwacha against the United States Dollar at the average exchange
rate for the accounting year preceding the accounting year in which the
loss is being claimed; and

R2 is the Kwacha against the United States Dollar at the average exchange
rate for the accounting year in which the loss is being claimed.

[S 30A(2) subs by s 3 of Act 17 of 2018 w.e.f. 1 January 2019.]

   (3) The Kwacha against the United States Dollar exchange rate to be
used for the purpose of subsection (2) is the average Bank of Zambia mid-
rate for the relevant accounting years.

[S 30A(3) ins by s 3 of Act 17 of 2018 w.e.f. 1 January 2019.]

31.   Transfer of losses

If a company has incurred a loss on a source for the purposes of this Act
and that company in this section called the old company) -

   (a)   was incorporated outside the Republic; and

   (b)   carried on its principal business within the Republic; and

   (c)   is about to be wound up voluntarily in its country of incorporation

for the purposes of transferring the whole of its business and property
wherever situate, to a company which has been or will be incorporated in
the Republic (in this section called the new company) for the purposes of
acquiring that trade and property and the only consideration for the
transfer will be the issue to the members of the old company of shares in
the new company in proportion to their shareholdings in the old
company;

the new company after the transfer referred to in paragraph (c) shall be
allowed the old company's loss as deduction from income from the same
source as that in which the old company's loss was incurred to the extent
that the loss has not been allowed as a deduction under this Act for any
charge year and such loss shall be allowed in accordance with the
provisions of section 30:

Provided that the combined period of loss carried forward for both the
old and new companies shall not exceed five years.

[S 31 am by Act 14 of 1976, 14 of 1987; proviso ins by s 5 of Act 3 of 1997 w.e.f. 1

April 1997*.]

32.   Losses prior to bankruptcy, etc

   (1) Subject to the provisions of sub-section (2), no person may carry

forward any loss incurred before he had been adjudged bankrupt.

   (2) Where any person has made a conveyance or assignment of his

property for the benefit of his creditors, or has made an arrangement
with them, or has entered into a composition with them which has been
approved by the High Court pursuant to any Bankruptcy Act in force in the
Republic, whereby the said person is released from his debts or from any
proportion or part thereof, any loss incurred by him prior to his making of
such conveyance, or assignment, or arrangement, or his entering into
such composition, may be carried forward, reduced, however, pro tanto,
by the amount of the debts released by or under the said conveyance,
assignment, arrangement, or composition, as the case may be, and such
loss shall be allowed in accordance with the provisions of section 30.

[S 32 am by Act 11 of 1969, 14 of 1976.]

33.   Capital allowances

   (1) Capital allowances are deducted in ascertaining the gains or profits of

a business and the emoluments of any employment or office for each
charge year-

   (a)   for buildings, implements, machinery and plant, and premiums,

according to the provisions of Parts I to V inclusive of the Fifth Schedule;

   (b)   for capital expenditure in relation to mining operations, according to

the provisions of Parts Ito VI inclusive of the Fifth Schedule; and
 [S 33(1)(b) proviso rep by s 6 of Act 3 of 1997 w.e.f. 1 April 1997*.]

   (c)   for farm improvements and works, according to the provisions of

the Sixth Schedule.

[S 33 renumbered as s 33(1) by s 5(a) of Act 7 of 2006 w.e.f. 1 April 2006*.]

   (2) The capital allowances to be claimed by a person carrying out any

mining operations and keeping books of accounts in United States dollars
under sub-section (3) of section 55 shall be indexed capital allowances.

[S 33(2) subs by s 5 of Act 27 of 2011 w.e.f. 1 April 2012*.]

   (3) For the purposes of this section indexed capital allowances shall be
computed as follows:

[1 + (R2-R1)/R1}] × (Capital allowance)

Where:

R1 is the Kwacha against the United States Dollar at the average exchange
rate for the accounting year preceding the accounting year in which the
capital allowance is being claimed; and

R2 is the Kwacha against the United States Dollar at the average exchange
rate for the accounting year in which the capital allowance is being
claimed.

[S 33(3) subs by s 4 of Act 17 of 2018 w.e.f. 1 January 2019.]

   (4) The Kwacha against the United States Dollar exchange rate to be
used for the purpose of subsection (3) is the average Bank of Zambia mid-
rate for the relevant accounting years.

[S 33(4) ins by s 4 of Act 17 of 2018 w.e.f. 1 January 2019.]

   (5) Despite the other provisions of this Act, a capital allowance granted
under this section shall be granted for a charge year irrespective of the
period covered by the accounts being assessed.

[S 33 am by Act 11 of 1969, 26 of 1970, 46 of 1973, 11 of 1975; s 33(5) ins by s 4 of Act

17 of 2018 w.e.f. 1 January 2019.]

34.   Investment allowances
Where a person incurs capital expenditure on the construction of,
addition to, or alteration of any industrial building, as defined in
paragraph 1 of the Fifth Schedule, to be used by him for the purposes of
his business as a manufacturer, an investment allowance of 10 per
centum of such expenditure shall be deducted in ascertaining the gains or
profits of that business for the year in which the said building, addition or
alteration is first used for the said purposes.

[S 34 am by Act 11 of 1969, 26 of 1970, 11 of 1985, 14 of 1987, 4 of 1993.]

34A.   Development allowance

   (1) Where a person incurs expenditure on the growing of rose flowers,

tea, coffee, or banana plant or citrus fruit trees, or other similar plants or
trees, an allowance (in this Act referred to as a development allowance) of
10 per centum of such expenditure shall be deducted in ascertaining the
gains or profits of that business for the charge year.

[S 34A(1) am by s 4 of Act 3 of 2003 w.e.f. 1 April 2003*.]

   (2) The development allowance referred to in sub-section (1) may, in the

case of a person growing for the first time plants or trees referred to
therein, be carried forward to the following charge years up to the first
year of production, but in no case shall the development allowance in
respect of more than three consecutive years be carried forward.

[S 34A am by Act 10 of 1981; s 34A(2) am by s 5 of Act 3 of 2002 w.e.f. 1 April 2002

34B.   Local content allowance

   (1) Despite section 29, where a person carrying on agro-processing or

manufacturing incurs in a charge year, expenditure, other than
expenditure of a capital nature on the growing or purchase of a
prescribed agricultural product, a local content allowance of two percent
of the expenditure shall be deducted in ascertaining the gains or profits of
that business for the charge year.

   (2) The prescribed agricultural product referred to under subsection (1)

shall be grown within the Republic.
   (3) For purposes of this section, the local content allowance shall be
claimed in each year that the expenditure is incurred but not exceeding
three charge years.

[S 34B ins by s 6 of Act 20 of 2020 w.e.f. 1 January 2021.]

35.   Preliminary business expenses

A deduction is allowed in ascertaining the gains or profits of a business for

the charge year in which that business commences, in respect of any
expenditure that-

   (a)   was incurred within 18 months before the commencement of the

business; and

   (b)   would have been allowed as a deduction in ascertaining the gains or

profits of the business after its commencement.

36.   Amount paid after cessation of business

Where any amount is paid by any person after the cessation of his
business which, if it had been paid prior to the cessation, would have
been deductible in computing his gains or profits from the business, then,
to the extent to which that amount has not already been deducted in
computing the gains or profits, it shall be deducted from his income for
the charge year in which it is paid or, if he has not income in that charge
year, from his income for the charge year in which the business ceased,
and such deduction shall be made before deductions under sections 30,
31 and 32.

[S 36 am by Act 26 of 1970, s 8 of Act 4 of 2000 w.e.f. 1 April 2000*.]

37.   Approved fund deductions

   (1) A deduction shall be allowed in ascertaining the gains or profits of an

employer for a charge year of any amount paid during that charge year by
the employer by way of contribution to an approved fund established for
the benefit of employees, including an approved fund within the meaning
of paragraph (c) of the definition of "approved fund" and a fund approved
under paragraph 5 of the Fourth Schedule, if the fund to which the
contribution ismade continues to be an approved fund for that charge
year.

   (2) A deduction shall not be allowed under subsection (1) in respect of

any contribution other than a contribution-

   (a)   which is not a contribution in arrear; or

   (b)   which is a special lump sum contribution which is allowed to be

deducted under and in accordance with subsection (3)

   (3) A contribution paid by an employer shall be a special lump sum

contribution and shall be treated as a current contribution for a charge
year or as current contributions for the charge years in such amount as
theCommissioner-General may direct if paid-

   (a)   in respect of a service rendered to the employer by an employee

prior to the date of the employee becoming a member of the approved
fund to which the contribution is paid in order that the employee may
qualify for benefits under that approved fund in respect of that prior
service; or

   (b)   for any other reason approved by the Commissioner-General.

   (4) The deduction to be allowed for a charge year in respect of current

contributions to an approved fund other than a fund approved under
section 11(1) of the former Act shall not exceed twenty per centum of the
emoluments liable to tax received from the employer in that charge year
by each employee in respect of whom the contributions are paid.

[S 37 subs by s 5 of Act 16 of 2017 w.e.f. 1 January 2018.]

37A.   Deduction for share option scheme

A deduction shall be allowed in ascertaining the gains or profits of an

employer for a charge year of any amount incurred by the employer in
the establishment or in the administration of an approved share option
scheme for that charge year.

[S 37A ins by s 6 of Act 3 of 2002 w.e.f. 1 April 2002*.]

 
38.   Technical education

A deduction shall be allowed in ascertaining the gains or profits of a

business for any payment made for the purposes of technical education
relating to that business or for the purposes of obtaining further
experience, training or qualifications, relating to that business:

Provided that no deduction shall be allowed under this section in respect

of any payment made-

   (a)   on behalf of an individual who is related by blood or marriage to the

person making the payment, or to a person who is able to control directly
or indirectly the person making the payment;

   (b)   in pursuance of an agreement or undertaking to the effect that the

person making the payment will receive any reciprocal benefit for such
payment where made on behalf of an individual who is related by blood
or marriage to any other party to that agreement or undertaking.

[S 38 am by Act 26 of 1970.]

39.   Subscriptions

A deduction is allowed in ascertaining the gains or profits of a business or

the emoluments of any employment or office for any subscription paid by
a person in respect of his membership of a trade, technical or
professional association which is related to his business, employment or
office.

40.   .

[S 40 rep by s 7 of Act 3 of 1997 w.e.f. 1 April 1997*.]

41.   Public benefit organisation

   (1) Subject to the other provisions of this section, an amount paid by a

person during a charge year to a public benefit organisation shall be
deducted from the income of that person for that charge year if-

   (a)   the payment is in money or money's worth;

   (b)   the payment is made for no consideration;

   (c)   subject to sub-sections (2) and (3), the Minister approves the public
benefit organisation to which the payment is made:

Provided that an approval by the Minister may be given retrospectively; or

   (d)   the payment is made to a public benefit organisation that is owned

by the Government.

   (2) Where a public benefit organisation is owned by the Government, the

organisation shall not require the Minister's approval.

   (3) The Minister may withdraw an approval given under paragraph (c) of
sub-section (1), if the public benefit organisation-

   (a)   is not exclusively providing a public benefit activity;

   (b)   submits false information in the organisation's application to the

Minister for approval as a public benefit organisation; or

   (c)   uses resources for a purpose other than that provided for in the
organisation's objectives.

   (4) A deduction in the charge year under this section shall be allowed
before a deduction under sections 30, 31, 32 and 36 and shall not exceed
15 per centum of the assessable income of a person for that charge year.

[S 41 subs by s 6 of Act 1 of 2009 w.e.f. 1 April 2009*.]

42.   .

[S 42 rep by s 8 of Act 3 of 1997 w.e.f 1 April 1997*.]

43.   Deduction for research

   (1) A deduction is allowed in ascertaining the gains or profits of a

business of any expenditure, not being expenditure of a capital nature,
incurred by the business during a charge year on experiments or research
relating to the business.
   (2) A deduction is allowed in ascertaining the gains or profits of a
business for any contribution to a scientific or educational society or
institution or other like body of a public character approved by the
Commissioner-General where a condition of the contribution is that it
must be utilised by the society, institution or body, as the case may be,
solely for the purposes of industrial research or scientific experimental
work connected with the business.

43A.   Deduction for bad and doubtful debts

   (1) A deduction shall be allowed in ascertaining the income from any

source for debts to the extent that the debts have been included in the
income from that source and to the extent that they are proved to the
satisfaction of the Commissioner-General to be bad or likely to become
bad and, where there is no income from that source for the charge year
for which such deduction is due that deduction shall be deemed to be a
loss under section 30.

[S 43A(1) subs by s 9 of Act 6 of 1999 w.e.f. 1 April 1999*.]

   (2) Where a deduction has been allowed under sub-section (1) in respect
of any debt, and in the subsequent charge year part or all the debt is
recovered, the amount of the recovery or, where less, the total deductions
allowed in one or more charge years in respect of that debt, shall be
assessable in the charge year in which the recovery is received:

Provided that where recoveries are effected in more than one charge
year, the total amount assessable in each charge year after the first such
charge year shall not exceed the amount of the recovery in that later year
or, where less, the total of the deductions previously allowed less any
recoveries assessable in previous charge years.

[S 43A(2) subs by s 9 of Act 6 of 1999 w.e.f. 1 April 1999 function a96(msg)

{ myWindow=window.open('','','width=233,height=156,left=400 ,scrollbars
=1,top=400,screenX=400,screenY=100');myWindow.document.write(msg);}
*.]

   (3) Where a claim for a deduction is made under sub-section (1) by a

bank, bank subsidiary or financial institution, sub-section (1) shall apply
subject to the following:
   (a)   the words "to the extent that the debts have been included in the
income from that source" in that sub-section shall not apply; and

   (b)   the maximum deduction for any debt falling within the

classifications set out under the Banking and Financial Services Act shall
not exceed the prescribed level of provisioning for the debt required by
the Bank of Zambia under the Banking and Financial ServicesAct, less the
value of security or collateral pledged against the debt.

[S 43A(3) ins by s 9 of Act 4 of 2000 w.e.f. 1 April 2000b) subs by s 4 of Act 7 of 2014
w.e.f. 1 January 2015.]

43B.   ...

[S 43B rep by s 5 of Act 17 of 2018 w.e.f. 1 January 2019.]

43C. .

[S 43C rep by s 4 of Act 49 of 2010 w.e.f. 1 April 2011*.]

43D.   Deduction for employing person with disability

   (1) A deduction shall be allowed in ascertaining the gains or profits of a

business in respect of each person with disability who has been employed
full-time by such business for the whole or substantial part of the charge
year for which the deduction is claimed.

   (2) The amount of the deduction referred to in sub-section (1) shall be

two thousand kwacha.

[S 43D am by Act 11 of 1985, 4 of 1993; s 43D(2) am by s 16 of Act 7 of 1996 w.e.f. 1

April 1996b) of Act 3 of 2002 w.e.f. 1 April 2002 function a101(msg)
{ myWindow=window.open('','','width=233,height=156,left=400 ,scrollbars=1,top=400,
screenX=400,screenY=100');myWindow.document.write(msg);}

43E. Deduction for skills development levy

A deduction shall be allowed in ascertaining the gains or profits of a
business, of any levy payable and paid for a charge year, in accordance
with the provisions of the Skills Development Levy Act.

[S 43E ins by s 3 of Act 45 of 2016 w.e.f. 1 January 2017.]

44.   Case of no deduction

No deduction is made in respect of any of the following matters-

   (a)   the cost incurred by an individual in the maintenance of himself, his

family or establishment, or which is a domestic or personal expense.

[S 44(a) am by s 5(a) of Act 3 of 2003 w.e.f. 1 April 2003*.]

   (b)   any loss or expense which is recoverable under any insurance

contract or indemnity;

   (c)   capital expenditure or loss of capital, other than loss of stock in

trade, unless specifically permitted under this Act;

   (d)   any payment to a pension or superannuation fund or scheme or

premium payable under an annuity contract, except such payments as are
allowed under section 37;

   (e)   any tax or penalty chargeable under this Act;

   (f)   .

[S 44(f) rep by s 8(a) of Act 9 of 1998 w.e.f. 1 April 1998*.]

   (g)   any amount which would be deductible in ascertaining the income

from a source or from income which the Commissioner-General is
prohibited from including in any assessment under the provisos to sub-
section (1) of section 63;

   (h)   any expenditure incurred or capital asset employed, whether

directly or indirectly, in the provision of entertainment, hospitality or gifts
of any kind:

Provided that this paragraph shall not apply to-

      (i)   any expenditure incurred or capital asset employed in the
provision of anything which it is the purpose of a person's business to
provide and which is provided in the ordinary course of that business for
payment or for the purpose of advertising to the public generally without
payment;

      (ii)   .

[S 44(h) proviso para (ii) rep by Act 11 of 1992.]

      (iii)   any expenditure incurred in the provision of a gift to any person

consisting of an article incorporating a conspicuous advertisement for the
donor the cost of which to the donor, taken together with the cost to him
of any other such articles given by him to that person in the same charge
year, does not exceed one hundred kwacha;

[S 44(h) proviso para (iii) am by s 8(b) of Act 9 of 1998 w.e.f. 1 April 1998 function
a105(msg)
{ myWindow=window.open('','','width=233,height=156,left=400 ,scrollbars=1,top=400,
screenX=400,screenY=100');myWindow.document.write(msg);}*.]

   (i)   any amount incurred by the employer in the establishment or

administration of a share option scheme, except such amounts as are
allowed under section 37A.

[S 44(i) ins by s 9 of Act 3 of 2002 w.e.f. 1 April 2002*.]

   (j)   .

[S 44(j) rep by s 9 of Act 3 of 1997 w.e.f. 1 April 1997*.]

   (k)   .

[S 44(k) rep by Act 4 of 1993.]

   (l)   the cost of any benefit or advantage not capable of being turned into
money or money's worth that is provided to employees, subject to such
directions as shall be issued by the Commissioner-General;

[S 44(l) am by s 8(c) of Act 9 of 1998 w.e.f. 1 April 1998a) of Act 4 of 2000 w.e.f. 1 April
2000*.]

   (m)   any copper price participation payment or cobalt price participation

payment:
Provided that a deduction shall be allowed to Konkola Copper Mines Plc
and Mopani Mines Plc in respect of any payments made pursuant to
cobalt price participation and copper price participation agreements
between Konkola Copper Mines Plc or Mopani Copper Mines Plc and
Zambia Consolidated Copper Mines Limited;

[S 44(m) subs by s 4 of Act 1 of 2005 w.e.f. 1 April 2005*.]

   (n)   incidental costs of obtaining finance such as commitment and

guarantee fees, commissions and any other incidental cost of a similar
nature; and

[S 44(n) ins by s 5(c) of Act 3 of 2003 w.e.f. 1 April 2003*.]

   (o)   provision for a contingent employee cost that is not paid out to the
employee in the charge year; and

[S 44(o) subs by s 6 of Act 17 of 2018 w.e.f. 1 January 2019.]

   (p)   mineral royalty payable under the Mines and Minerals Development

Act, 2015.

[S 44 am by Act 26 of 1970, 27 of 1970, 17 of 1971, 11 of 1973, 11 of 1975, 14 of 1976,

10 of 1981, 14 of 1987, 11 of 1992, 4 of 1993, 2 of 1995; s 44(p) ins by s 6 of Act 17 of
2018 w.e.f. 1 January 2019.]