By BUUMBA CHIMBULUCLOSE to US$2 billion has been received by the Bank of Zambia (BoZ) since Government directed the mines to pay taxes in United States dollars in June 2020, thereby mitigating the rapid decline in international reserves, the Daily Nation has learnt.The Daily Nation set out to find out whether the dollorisation measures have borne fruit and whether want to discard the same.Under this measure, mines make payments in dollars as opposed to using the Kwacha, which is the local legal currency.Some stakeholders are however of the view that the measure should be reconsidered saying it is hurting the foreign exchange market.But the Zambia Chamber of Mines (ZCM) has stated that abolishment of the tax measures makes no difference operationally for the industry.In June 2020, the Zambia Revenue Authority (ZRA) advised all mining companies to remit their statutory obligations or taxes in dollars and directly to the Central Bank.In response to a press query, […]
MINES PAY CLOSE TO $2BN IN DIRECT TAXES TO BOZ AS STAKEHOLDERS CALL FOR ABOLISHMENT OF THE DOLLARISATION OF MINING TAXES
