9.5 C
Alba Iulia
Friday, August 7, 2020

Mines welcome changes to the 2015 mining tax regime

Economy Mines welcome changes to the 2015 mining tax regime

Mopani Mines
Mopani Mines

THE Zambia Chamber of Mines has commended Government for the changes to the 2015 mining tax regime announced by Cabinet on Monday.

Cabinet redesigned the mining taxation regime in a bid to enhance mine operations, reduce job cuts and increase revenue from the sector when copper prices rise.

Communications manager Talent Ng’andwe said the move indicates commitment to collecting tax revenue without discouraging mines from investing in new mining projects and employment.

In a statement issued in Lusaka, Mr Ng’andwe said Government’s decision marks a significant shift in outlook towards the mining sector and can only be beneficial to the industry in the long term.

“We believe the prevailing low price environment continues to present significant challenges for the mining sector over the short to medium term, but the gesture by Government is a good lifeline that will provide much needed relief,” he said.

Mr Ng’andwe commended Government for the new spirit of dialogue and co-operation, adding that the mines look forward to continuing working with Government to solve challenges faced in the industry.

“We look forward to seeing the details of the proposed changes so that we can comment fully on what the tax regime means,” he said.

5 COMMENTS

  1. How can they welcome tax regime changes of 2015 that resulted in thousands of our people losing jobs? Are they insane?
    We shall soon off-load our useful and practical tax changes to all the sectors of the economy come August 11th. We can’t have a repeat of the job loss horrors experienced in all sectors, particularly in the mining.

  2. Policy inconsistency is what is killing this industry and the economy at large. If we engage intellectually and not politically, it is common knowledge that the PF have failed to implement a compact policy structure in place. This clearly demonstrates their inexperience and utter negligence in the execution of the fundamental economic and monetary policies which are the bedrock of running an economy. The ramifications have been too clear to all, as more people have lost Jobs, confidence is low and the investors are lost as to their next move.
    The reserves at the BOZ have not been spared either, wouldn’t it be prudent to try a different cliche of individuals to take over and see how things turn out. This deal with the PF is a failed one, knee jerking reaction all the time, its time for…

  3. When are we going to learn…this why windfall tax is appropriate …when the price is high the complain that the cost of production is high yet they sale in dollars on the market and when its low its another story. Please lets not let Cabinet oversee such issues they are simply not clued up or educated enough as their discussions are simply political.

  4. In the face of the economic challenges caused by the fall in copper prices and the strong stand by mining companies, the response from chicken-like “leaders” was weeping and crying to Edgar, and insult him all sorts as he sought to find common ground w UTH mining companies. The UPND even went so far as to make a shameless u-turn and condemn what they had earlier supported, windfall tax. They even claimed that they would bring back Anglo to employ all miners who were retrenched. Now HH is conveniently quite in the face of Anglo facing the same collapse of commodity prices on the world market, and shutting down or selling some of its mines in the world , and laying off more than half of its workers across the world. HH has now changed his tune, well he does not even mention Anglo anymore,…

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

COVID-19: African Banks Under Pressure to Accelerate Digital Transformation

The spread of the COVID-19 pandemic across Africa has seen a surge in digital payments and e-commerce transactions as...

Ministry of Home Affairs is being insincere to stop stakeholders from monitoring NRCs Registrations-Nkombo

The opposition UPND says the Ministry of Home Affairs is being insincere to stop stakeholders from monitoring the ongoing mobile issuance of National Registration...

OP Director Nkhoma succumbs to Covid-19

Zambia State Intelligence Services Director General Samuel Nkhoma had died. Mr Nkhoma died in Levy Mwanawasa Hospital Covid-19 Isolation Unit around 03:00 Hours on Friday...

Water contamination in Mtendere Township caused by the bursting of two water pipes-Miles Sampa

Lusaka Mayor Miles Sampa says the water contamination in Mtendere Township has been caused by the bursting of two water pipes underground causing faecal...

More Articles In This Category