Business

New tax rule not to affect mines

ESTHER MSETEKA, Lusaka
ECONOMICS Association of Zambia (EAZ) says the new tax regime will not in any way affect the mining sector as most of them have never declared profit.
Government proposes to abolish value added tax and replace it with a simpler non-refundable sales tax by April this year.
Other measures include increasing mining royalties by 1.5 percent across the board and a 10 percent charge if copper price rises above US$7,500 a tonne.
Commenting on the raging debate on the introduction of the sales tax in relation to the mines, EAZ president Lubinda Haabazoka is saddened that despite Zambia’s copper being more competitive than other major commodities, the country has not benefited from its abundant natural resource.http://epaper.daily-mail.co.zm/

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