Saturday, April 20, 2024

Successful implementation of EITI will help enhance revenue collection-Yaluma

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Mines Minister Christopher Yaluma
Mines Minister Christopher Yaluma

Minister of Mines Christopher Yaluma says the successful implementation of the Extractive Industries Transparency Initiative -EITI- will help enhance revenue collection. Speaking during a briefing in Lusaka, Mr. Yaluma says the EITI is an independent global standard that promotes transparency and accountability in natural resource governance.

Mr. Yaluma says Zambia has been implementing the extractive EITI since 2009 and undertook its first validation in 2011 under the EITI rules when it was declared EITI compliant in 2012.

The minister says after a careful review of Zambia’s efforts and government’s commitment through the validation process, the global EITI board commended Zambia for its efforts in upholding the standards.

He said EITI will avail company registration details and ownership of mining companies for easy tax collections.

And Zambia EITI secretariat head Siforiano Banda said the country has made progress in the implementation of the EITI.

5 COMMENTS

  1. Good efforts – Good to hear this. Can we balance the scales whilst collecting more revenue?

    Let’s plug some holes in the public finance.

    No matter what we do or say, this plugging of holes will always be Centre stage.

    Well done though

  2. My question is why does it take 8 years to implement and then 6 since bring deemed compliant.
    Again the IMF bailout is desperately need and increased internal tax is one of the requirements.
    Notice the public announcements about improvements in revenue, increased tax compliance, zamtel being number one.
    Its all about tbe IMF .remember investors lining up in livingston, it didnt happen because IMF didnt give bailout.
    We are high risk of debt distress thats why no investor confidence, they might lose their money or no return on investment.

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