By AARON CHIYANZOSOME mines in Zambia are repatriating proceeds to offshore jurisdictions while declaring losses to evade tax, the 2019 Financial Intelligence Centre 6th Money Laundering and Terrorist Financing Trends Report has revealed.The report also disclosed that some precious stones and base metals that were exported to foreign jurisdictions were undervalued.According to the report, the FIC disseminated 44 intelligence reports to law enforcement agencies with suspected losses valued at K984 million compared to the ZMW 6.1 billion reported in 2018 from 80 intelligence reports disseminated.FIC Director General, Mary Chirwa also said in her introductory message that Government continued to lose revenue through laundered funds which negatively affect revenue mobilisation necessary for provision of public goods and services.Ms Chirwa said as a result of the disseminations made by the FIC, the Zambia Revenue Aauthority (ZRA) assessed taxes amounting to K27.7m in 2019, compared to K62m in 2018.She said in the period under review, 99 percent of the Suspicious Transaction Reports received came from the […]
FIC exposes mines’ tax rip off’
