Mining’s challenging journey

FIRST Quantum Minerals director of operations Matt Pascal (centre) with President Edgar Lungu (right) during a tour of Kansanshi Mining Plc in Solwezi.

THE year 2019 will go down the annals of mining history in Zambia as one of those characterised with an array of challenges that mainly evolved around the proposed change in the mining tax regime.
Apart from that, the taking over of Konkola Copper Mines (KCM) by Government through a legal process that led to the placing of the Vedanta Resources-owned mining giant in liquidation was an epitomic development in the sector during the year under review.
The proposed change in the tax administration by Government through the 2019 national budget to phase out the value added tax (VAT) for the sales tax caused a stir among the players in the mining sector.
They argued that the new tax will milk them more.
Government had proposed to abolish VAT and replace it with what it termed “a simpler, non-refundable sales tax”.http://epaper.daily-mail.co.zm/

Facebook Feed