By BUUMBA CHIMBULUSOME mining companies are undertaking tax offsets with Government, says Zambia Chamber of Mines (ZCM).Under the debt swap arrangement, some of the taxes the mining firms owe Government will be offset with the outstanding Value Added Tax (VAT) refunds owed to the sector.According to statistics from the Zambia Revenue Authority (ZRA), the mining companies owe tax revenue in excess of K19.68 billion while the Government has outstanding VAT refunds due to the mining companies amounting to K10.4 billion.Tax offsets have therefore been initiated as a way of solving the matter.ZCM Chief Executive Officer, Sokwani Chilembo, said in an interview that the tax offsets were currently happening at company level.“It happens, it has been happening for a long time. So it is an on-going process, it is part of the whole process. So it is on-going. They happen at company level.“I will need to make contacts, we do not comment on it without making […]
STATE, MINES IN TAX DEBT SWAP
