Thursday, March 28, 2024

Finance Minister Margaret Mwanakatwe announces a Tax Policy Review Committee

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Minister of Finance Margaret Mwanakatwe
Minister of Finance Margaret Mwanakatwe
Finance Minister Margaret Mwanakatwe has announced that a Tax Policy Review Committee will be reconstituted and appointed to deal with technical issues related to tax implementation matters raised by the public to ensure smooth transition following changes in the mining tax regime.

Mrs. Mwanakatwe has further advised that consultations on sales tax policy implementation will be wide and extensive before commencement in April 2019

Mrs. Mwanakatwe says her Ministry has taken note of the public statement made by the Zambia Chamber of Mines regarding changes to the Mining tax regime in the 2019 National Budget.

She said in a statement issued by Ministry spokesperson Chileshe Kandeta that her Ministry has also acknowledged receipt of letters from some stakeholders, and the Chamber, seeking clarification on the new tax regime.

Mrs. Mwanakatwe said working with other stakeholder Ministries and relevant government agencies, the Ministry of Finance remain open to dialogue with mining companies that are willing to amicably discuss *the transition to the new mining tax regime,* implementation of the sales tax and other fiscal and economic affairs, and future business cooperation matters.

15 COMMENTS

    • Better to rethink a decision rather than make a total blunder. I agree with your views though, this uncertainty is impacting on investor confidence, both local and foreign, hence interest rates escalating and the Kwacha depreciating. Such consultation should have taken place well in advance of Budget announcement!!!

    • One step forward, TWO steps backward
      One step forward, TWO steps backward
      One step forward, TWO steps backward
      The net effect? Retrogression
      That is Zambia under ECL PF.

    • Why this desire to please foreign investors? You should be more concerned about the effect of the taxes on Zambians. Review the unfair tax on new vehicles. We are tired of driving wrecks.

    • First she announced the tax changes. Then she wants to window dress the disaster by appointing a tax review committee of PF henchmen – after the event! Surely the alcohol addled brain has packed up.

  1. Nooooo!!! That is so wrong! That to be is a sign of compromise. Tax Committee will be made up of Accountants and Lawyers who are, unfortunately, very compromised because the mines are the biggest clients and no one wants to be seen to be in bad books with them. Cry my beloved country!! There is no winning!

  2. Hon. Minister,

    Why have you not considered taxing of life insurance companies that are minting money and pay zero tax on profit?

    Why are foreign insurance companies allowed to transfer millions of kwacha disguising as reinsurance premium, thereby evading tax ?

    An industry insider working is a loss of K350,000,000 a year due to evaded tax.

  3. Chaos indeed. When are budget measures expected to take effect? What does the financial year of government start running, 1st Jan or 1st April? I thought government changed to 1st January hence presentation of budget this time around so that budget measures take effect on 1st April.

  4. Do we really know what we are doing? What I hear already are signs of retreat and perhaps surrender will follow.We just need to bear in mind that the mining investors are big boys and know how and when to twist our fragile arms. We need to be astutely strong to squeeze any extra coin from them.

  5. Nawakwi said it….the Minister is shooting herself in the foot…..she’s somewhat a threat to this our poor fragile economy which runs by pronouncements rather than manufacturing/trade……

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