Fri, 30 Dec 2016 14:06:36 +0000 By BUUMBA CHIMBULU THE Zambia Revenue Authority (ZRA) will not be able to collect over K1 billion income taxes from the mines due to challenges the sector experienced in 2016, commissioner general Kingsley Chanda has said. Mr Chanda explained that like other sectors, the mining sector was also hit with sudden volatility in the exchange rate resulting in low copper prices on the international market. He told the media in Lusaka that 2016 had been a tough year for ZRA for various reasons including changes in macroeconomic environment. “Sudden increase in the exchange rate made imports expensive. We also had challenges regarding copper prices as they were depressed most of the year and in the process mines could not pay taxes. “Our biggest tax contributor, the mining sector declared losses, so we had over K1 billion which has not come from the mining sector as company income tax […]
