Export duty, VAT hit ZAMEFA

THE sluggish settlement in export duty and value added tax (VAT) refunds by the revenue authority has negatively affected Metal Fabricators of Zambia Plc (ZAMEFA)’s operations.
Recently, Zambia Chamber of Mines disclosed that Zambia Revenue Authority (ZRA) still owes mining companies US$600 million in unpaid VAT refunds.
ZAMEFA has advised its shareholders that dividends are expected to reduce as a result of this situation.
“This reduction is primarily due to the ongoing slow settlement of export duty and VAT refunds.
“For the financial year ended September 30, 2018, the basic earnings per share and head line earnings per share are both expected to be between 390 percent [and] 410 percent, lower than those of the prior year for the group,” a trade statement issued by the Lusaka Securities Exchange (LuSE) and approved by ZAMEFA

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