President Mwanawasa has reiterated that the new 47 percent minining tax regime is non negiotiable.
The President stressed that his recent statement inviting submisions from the mining investors was not to negiotiate the 47 percent mineral tax but rather to ask the investors to identify the errors of taxation, which they alleged was pegged at 76 and 95 percent.
Dr Mwanawasa said the 47 percent tax is now neither the highest nor the lowest in the world adding that it is non negiotiable.
He said this in statement made available to ZANIS by State House chief analyst for press and public relations, David Kombe.
Dr Mwanawasa said Government is merely giving the people of Zambia a fair share from the value of their mineral resources, adding that at 47 percent tax, it still leaves a substantial return on the mining investments.
He observed that the spokesperson of the mining investors had alleged that the rate of taxation was pegged at 76 percent or 95 percent adding that this would scare away potential investors to Zambia.
Dr Mwanawasa pointed that government would only listen to their complaint on the alleged error adding that this is why he requested them to send in advance submissions in which they should identify the error.
He noted that if the investors can not identify the error, they will be wasting their time requesting to have a meeting with government.
Dr Mwanawasa wondered why the investors representatives, when they appeared before a parliamentary commitee recently did not show any error for governments assessment of the rate of minining taxation.
Your excellency, that is the way to go on this tax issue. The Administration has all the public support needed to remind our investors that the announced tax bracket is progressive a measure to share the gains with Zambians. It is progressive and mutually beneficial if we have to ameliorate the country’s social and economic problems in the country.The tradition of endless earmarkings for developmental undertaking and over-taxed wages on the poor Zambians barely surviving must be revisited in future budgets as we effect measures to start earning realistic mining contributions.
Bravo!
For this one bravo Mr. President. No going back. It is our copper.
Mr. President Sir don’t give in to these guys. 47% is not something they should be crying about.
If they are complainin of 47% then put it at 60% or aliyense kanjila ka kwao
MWINSHO APA PENA MWALABILA NGO MWANALUME. PANO ABA BA INFESTOR BENA BALUKUMONA KWATI NIPALI SALAULA APA KUTALIKANA UMUTENGO NA KASHITOMA. WAPI MWINSHO PENKA PA PALI 47 PASENTI EPALI UBUKUMO.
Bravo LPM on you firm stance and waiver not.However,learn to act on self impulse rather waiting for advice from the world bank or UK to do something which is noble and beneficial to the poor Zambians. I would also like to tell you that the Nickel and Platinum mine in the southern province at munali will be second to none because the price of these two precious metals can not be compared to copper.The Lumwana copper production is just a biproduct because the ore body is rich in GOLD,SILVER,SELENIUM and URANIUM which are far much expensive than copper.There is a lot which we dont know about the Zedian mines.Iam not talking from the blues but from my knowlege of minaral processing technology
We should actually ask for more because 47% is low compared to what other countries are charging.Lets try and get every cent that we can from them ‘busieness wise’ because they are ripping us off big time. LPM we shall stand by you on this one cause and know that the pipo of Zed are firmly behind you on this. Bravo man and good luck dude.
Mbociyandika obo mudala!!kunyina kujoka munsi peepe!!no negotiations mudala coz these chaps have amassed alot of wealth.keep up the good work and you shall be remembered for that!
The problem is that even if the govt got 60% there would be no economical change. Look at the Auditors Report, K48b was spent on health bills by govt. With that amount we can build a very good modern health care facility that would reduce unnecessart trips to UK and SA.
Mwanawasa knows that with more money from the mining, he can now even send his relatives to go for medical check ups abroad. As much as we support the new mining taxes lets demand moreso about accontability.
Take or leave it, we should go Hugo Chavez way. Even UK has just nationalised Northern Rock, point being country comes first
Bravo Levy, this is what I meant by saying if you did not have bollocks of steal, someone should nail some on you and it looks like someone heard my advise. This is what I call “bunna sakata”, know whose interests you’re there to save and that is those of Zambians. Do not be like Chiluba whose only interests was to steal in the morning, afternoon, evening and at night.
Finaly the *****(slow thinker) has started thinking fast.keep it my boy
Good morning Levy! At last you have woken up from your deep slumber. Zambia has been in the dumps for along time since KK was booted out. Your effort at trying to get a few droppings from the Infestors’ high table is still feeble. At least you have woken up on the right side your bed. What is Maureen trying to do by thinking of replacing you as a president? Third term your style, is it? Do not start a trip towards the gallows even in your sleep!!
#10 & 11, points well said, gentalbloggers!
Chuchu, I congolachule you on this one, you have realised that you need the money from mines for your health. K48b spent on your health bills by govt is hell a lot of money. Keep pressurised those infestors for your own good. I am sure another K48b will straight away go to your relatives’ health bills.
Mr. President, you have shown good leadership on this matter and quite frankly,a reasonable taxation rate for the mines is long overdue.
Way to go chuchu!
I think the consensus on LT is very loud & clear, critics and supporters of Chuchu collectively back him 100% on this one! Let’s get a fair share from our mineral resources in a civilised manner. If investors try to play dirty, then two can play that game. I trust our “lawyer wama lawyer” has it all covered though. Mr President, you have our unwaivering support on this issue!
viewers any comment over the interview which chella had with PF president sata on muvi tv eyeball to eyeball program on monday night,was it fair or one sided has some people are putting it?
very very fair!!! according to the laws of Zambia,broadcasting principles he was very right! Satana has a tendency of attacking people not there to defend themselves and probably may never be given an opportunity to feature on Muvi TV.the programma was well and not a campaign rally!!
hey,sorry wrong topic…but how big is the area where the Zambian embassy is in Washington DC?these have taken up so much space here and want to get the whole road to themselves such that we can’t move freely in Lusaka near their ka embassy.!!
#19 We did not watch it! FOOLISH BLACKOUT LOADSHEDING ZESCO SCISSORS never give us any change to watch even news!! We are totally in darkness of what is happening in Zed our beloved country? Only you the APAMWAMBAs, and chuchu’s relatives are enjoying the national cake in the name ZESCO, which our forefathers fought for (including my own father). IT IS PAINFUL TO TELL U THE TRUTH!!!. You will be burned in hell with the same ZESCO you are enjoying.
#22
i can almost feel and understand your frustrations. its really sad. my thoughts are with you. hope the situation improves soon.
Hey Fatso I am behind you all the way here. Where on earth do Governments ask companies to determine taxes? Taxes are laid out by government. Its take it or leave it. The Mine companies returns will not be very affected because all they need to do is raise production
Bravo Levy, this is the kind of topic ive been looking forward on LT, i think my wish has been granted. we have to stick to the 47% tax and if they dont like it then they can leave also leaving behind the money and machinery in zed, high time we play the social communist style and not just hiding behind the name of democracy at the expense of the country.the thing is, the peoples interest first even nothern rock now is undergoing nationalisation so why cant we do the same. Next time levy should do even more on that oil and gas thing i heard about was found in zed. bravo your excellency
I swear, if maureen becomes zambias president, i will marry her. so shi chuchu posako amano.
So far so good in as far as new taxes from the mines is concerned. Let the chaps talk, we expect that anayway! The nice thing is that we also have to stick to our stand point. This time around like I said before, Zambia is the bride, there are many grooms around the world who would propose Zed for the mines even at higher tax regime! When a beatiful lady is approached by many, she definately raises the stakes! Now these investors they think we don’t know when to call the shots? They called theirs with Kafupi but this time around, forget tate, its our time!! Balekeni balabathenge balije nchito, usange bakunkhumba balutenge, majaha mbanandi! Imwe a Levy, pitilizyani iyo nchito mukugwira, yebo!
Well, this is very positive and encouraging… Mr President please stand your ground and do not back down. It’s high time we started facing up to these investors, after all it is our copper. With that money, we need to look at – among so many other things – educating fellow Zambians in doing business and perhaps make substantial credit available to potential business people at reasonable rates… BRAVO!
bravo your excellency mr presdo
Lets channel these monies from new taxes to developmental projects that will benefit the common man in our country.
What was the tax rate before? How will this affect sale price compared to competition (LME copper)? Will Zambian copper still be compedative at this price? I’m not really familiar with this issue so pardon the stupid questions.
levy my son, If I were in your shoes, I would have raised the mineral tax up to 85 percent to offset Ka Kafupis, 0 tax rate and steal. Let us benefit frm these minerals. I advise you too to look into the emerald mines, I did not do well on that one, my apologies to the zambian people. Give me a chance to come back, I can do better than what kafupi did and whar levy is doing.
iwe chi 32 walipena, all th emines were dead in your time, what are you talking about?
Hey can the two of you stop this business of washing dirty linen in the international media? People might find out something they do not know about us, so keep cool.
#32, #34#35 one and the same person ndiwe silu iwe… chipuba. chamba muzi pepa bwino
chi #33 and not 35# kupusa chi mudala
Wina azafunta zoona mu Zed!!
With or without this new law, all privatizations will be investigated and all thieves locked up. We will carry out a key throwing competition..to see who can throw away the prison jail keys furthest to win Teka farm as a prize!!
dr. chuchu hold your fire fir a second, as much as all Zed supprtd you good stance on these mining goons, you owe much more to the Zedians than mere fiscal policy indicator paroted on paper. When you get that ‘sagan’ how is the common Zedian going to benefit. A review of this year’s budget suggest the contrary. Yuo reduced the top threshold from ZMK5m to ZMK4m.
Zedians, this is the time to demand our cake also from these greedy politicians. By way are you aware that according to the 2008 RSA budget presented by Trervor Manuel yesterday a worker earning below ZAR46,000 per annum (ZMK27,000,000) or ZMK2,300,000 is tax free therby increasing the disposable income of households. Shame dr. chu