Government to impose 5% stabilization levy on earnings of businesses

Government is likely to impose a 5 percent tax on the profits of businesses as stabilization levy.

JOY-BUSINESS gathers this is the rate government is looking at as it plans to table the proposed increases in taxes before parliament for approval.

Government in 2009 introduced the levy but was later abolished in 2011 after complaints from businesses.

The tax is expected to be imposed on the profits of banks, financial services, mining and telecom companies and brewery firms.

Government is, however, awaiting parliamentary approval on the implementation date for the proposed levy.