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This case study outlines some steps that Zambia has taken to improve revenue collection from the mining sector, with support from the African Tax Administration Forum (ATAF), the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), and the Organisation for Economic Cooperation and Development (OECD).
2 The evolution of copper tax regimes in Zambia Zambia''s development has been characterized by shifting approaches to the management of copper mining. The mining tax reform that took place in 2008 is one of several distinct shifts in Zambia''s mining tax regimes since the beginning of largescale commercial copper mining in the 1920s.
Jun 13, 2019· Mining taxation policy in Zambia is unstable Zambia''s policymaking in the area of mining taxation has been characterised by frequent policy changes and reversals. In the 2019 budget, slightly over half of the revenue measures proposed were directed at the mining sector representing yet another seismic shift in mining taxation policy.
Jul 20, 2020· It is also in Mauritius that Mark Bristow, CEO of the mining giant Barrick Gold Corp that owns the Lumwana mines, spends most of his time. In addition, Zambia has about 20 other tax treaties with various countries, including the United Kingdom, the Netherlands, Ireland and Switzerland, all known for their light tax and legal regimes, and Canada.
May 23, 2019· After Lungu''s government announced tax increases last year, the Zambia Chamber of Mines said more than half the country''s copper operations would become unprofitable, with 27,900 jobs at .
The MMDA deals with mining rights, licences, largescale mining in Zambia, gemstone mining, health and safety, environmental protection, and geological services on analysis, royalties and charges. Other pieces of legislation, other than the Mines and Minerals Development Act, include: the Mines Acquisition (Special Provisions) Act, Chapter 218 ...
"Zambia has a record of mistiming mining booms, and thereby squandering its mining endowment." Mateyo said an urgent rethink of mining tax policy was required to place the industry on a growth footing for the future, while "not reducing the export duty makes it difficult for capital to enter the country."
Zambia''s development has been characterized by shifting approaches to the management of copper mining. The mining tax reform that took place in 2008 is one of several distinct shifts in Zambia''s mining tax regimes since the beginning of largescale commercial copper mining in the 1920s. Below we describe and discuss several of these shifts.
The Zambian Mining Magazine is a premier source of news on mining developments in Zambia''s most important industry. Monday, August 31 2020. ... and production have become a difficult task for the mining sector amid the COVID19 pandemic and an unfavourable mining tax code, but FQM has so far achieved mostly positive results Global mining giant ...
Mining for Zambia is an industry website aimed at promoting a better understanding of the Zambian mining industry. It highlights key industry issues, and shares information about mining and its contribution to the economy and society. All the content, except for external news items, is free for use.
Jul 29, 2016· The geology of Zambia shows "great potential for further investment in mining", but this has been "undermined" by significant instability in the fiscal regime, particularly during 2015 with a proposed high Mineral Royalty Tax.
Zambia principally operates a sourcebased system for the taxation of income. Income deemed to be from a Zambian source is generally subject to Zambian income tax. However, the residence of a person/entity in Zambia will widen the scope of taxation to include interest and .
Jul 20, 2020· By repealing its tax treaty with Mauritius at the end of June, Zambia wants to prevent the country''s multinational mining companies, such as Glencore, First Quantum or Vedanta, from avoiding local 20/07/2020
Jun 10, 2019· Among the several taxes that the mining companies are supposed to pay in Zambia, some of the few are Customs and Excise Duty, Value Added Tax (though refunded) and Income Tax. A combination of these and other taxes are what constitute a taxation regime for mining companies in Zambia.
The mining sector both locally and internationally has been marred in activities of tax avoidance especially in developing countries like Zambia. The multinational mining companies we have in Zambia engageing activities such as transfer pricing, under declaration of production volumes, abuse of interest on debt payments and abusing hedging ...
Zambia''s planned mining royalty increases could lead to more than 21,000 job losses and operators cutting 500 million in capital spending over the next three years, the Chamber of Mines has warned.
Corporate Tax Exporters of copper and cobalt are levied 35% of taxable income whereas other mineral and ''nontraditional'' commodities ( excluding copper and cobalt) attract a levy of 15%. Companies listed on the Lusaka Stock Exchange are levied at 30% of taxable income. You might be interested to read something about Zambia Mining Website.
Sep 23, 2019· Professor Oliver Saasa of Premier Consult and Shebo Nalishebo of The Zambia Institute for Policy Analysis and Research (ZIPAR) say Zambia has the highest tax burden, by a comfortable margin, of all comparable mining countries, and that under the new fiscal regime for the mining sector, the effective tax rate – the average rate at which pretax profits are taxed – would vary between % and 105.
mining tax revenue performance in zambia Mining tax revenue was 12% of total tax revenues in 2009 (down from 17% in 2008 – its maximum in recent years).
Tax Inspector Large and Specialised Taxpayer Office (LSTO) Direct Taxes Mining Audit Zambia Revenue Authority. Mar 2019 – Present 1 year 7 months. Lusaka. Auditor in Direct taxes Specialising in Audit of Mining Companies . Administering audits in the following tax types : Corporate Income Tax, PAYE, Mineral Royalty and Property Transfer ...
Property transfer tax (PTT) is levied at 5% on the transfer of any land (including leases of over 5 years) and any shares issued by a company incorporated in Zambia. PTT is levied at 10% on the transfer of mining
It also means the Zambia Revenue Authority will need to be capacitated in many ways to engage productively with mining companies, whose position is clear: .
Zambia''s Chamber of Mines had warned last month up to 7,000 direct and 14,000 indirect jobs were at risk if the tax increases were implemented from January. Zambia had proposed changes in its 2019 ...
For 2 decades, Zambia''s mining sector has experienced significant foreign interest and investment driven mainly by the privatization of stateowned Zambia Consolidated Copper Mines ("ZCCM"), a low taxation environment and low political interference. Zambia is in possession of some of the world''s highestgrade copper deposits.
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