By BUUMBA CHIMBULUTHE mining industry is studying the impact which will be caused by the recent directive from Governments to remit all taxes over and above mineral royalties in dollars and directly to the Bank of Zambia (BoZ).Zambia Chamber of Mines (ZCM) Chief Executive Officer, Sokwani Chilembo, said the industry was studying the impact such a directive would have on the sector’s operations, particularly on the cash flow.“We are still studying the impact and we will get back to you.It is alright as long as any refunds associated with tax payments are done on time,” Mr Chilembo said in an interview yesterday in Lusaka.The directive from Government, meant to cushion the country’s foreign reserves which have dwindled to US$1.4 billion, came into effect on June 4, 2020.Previously, only mineral royalty tax was paid in dollars since 2017 while the rest were being paid in Kwacha.Value Added Tax (VAT) will however still be paid in the […]
Mines mull over dollar tax payment
