Tue, 27 Nov 2012 15:33:08 +0000 The revelation by Deputy Minister of Finance that Zambia is losing close to K10trillion in revenue from the Mining industry through transfer pricing and other related crooked means of accounting makes very sad reading indeed. If true the revelation deals a severe indictment on our mandarins who have failed in their gate keeping duties of ensuring that the country earns and retains all the benefits accruing from our heritage. As far back as last year the problem of reporting the actual revenues from copper was being addressed by Government. Even such institutions as the World Bank admits that while copper is responsible for 70 to 75 percent of export earnings, the mining industry as a whole contributes about 10 percent of Zambia’s tax revenue. According to the Bank, Zambia collects about $400 million a year in mining taxes, a pittance compared to copper exports of about $7 billion. The […]
