Zambia cautioned against bending too much on new mine tax

First Quantum Minerals
First Quantum Minerals

Transparency International Zambia (TIZ) has cautioned government against bending too much in arriving at a revised tax regime for the mines.
TIZ Executive Director Goodwell Lungu says bending too much in the direction of mining companies will be creating a leeway for them not to pay the correct taxes.
Mr Lungu says his organization is thus imploring both the Ministers of Finance and Mines who have been tasked to revise the mining tax regime to stand slightly firm and ensure that the new tax regime they will arrive at will be one that makes the Mines remit what they are supposed to pay in taxes.
tiz lu

Mr. Lungu has told Qfm News by telephone that TIZ is further urging government as it plans to make adjustments to the Mine tax regime, to also look at alternatives ways of collecting taxes with the view of making certain that no big budget deficits arise as a result of the tax change.
He states that his organization is on the other hand calling upon the Mining companies to commit to transparency as government responds to their grievances on the 2015 Mineral Royalty Tax regime.
Mr. Lungu notes that the emphasis of the Transparency International Zambia is that there should be utmost precision in how the profits by the Mines are declared and in how taxes are calculated and paid to the government.
He says the interest of his organization is that a majority of Zambians begin to benefit from the country’s mineral wealth.