By BUUMBA CHIMBULUABOUT US$2.5 billion is expected to be invested in the Zambia’s mining industry for expansion programmes.In addition, the industry is expected to invest US$439 million in capital expenditure if adjustments are made to the current mining tax regime, Zambia Chamber of Mines (ZCM) president Godwin Beene said.According to the Zambia Chamber of Mines Newsletter, Government recently held a mining indaba to address issues bordering on mining taxation.Dr Beene indicated that the unfavourable mineral royalty tax had continued hold up fresh capital worth over US$2.5 billion from international financial institutions for expansion, which he said was out of reach for most mines because of high mineral royalty regime.Presently, the mineral royalty stood at 10 per cent.He said adjusting the calculation of mineral royalty tax to Pay-As-You- Earn (PAYE) sliding scale, instead of the current stepped up scale, was the solution to unblocking investments in the industry.Dr Beene recommended that Government should allow deductibility of […]
MINING FIRMS READY TO INVEST $2.5 BN IF TAX IS ADJUSTED FAVORABLY
