Thursday, June 20, 2024

Chamber of Mines welcomes 2022 national budget

Share

Zambia Chamber of Mines president, Godwin Beene, says the 2022 national budget measures announced last Friday, should be seen as a step in the right direction towards the full reform of the mining tax regime.

Dr. Beene noted that prioritising the urgently needed removal of the mineral royalty taxes non-deductibility by the Minister of Finance, Situmbeko Musokotwane, is a clear indication to the world that Zambia is once again open for business.

“I am certain that the world’s mining investors will start to look at Zambia afresh after today. And this is what is needed if we are to see minerals germinate and allow the government to reach its ambitious target of increasing copper production to three million tonnes per year,” he said.

Dr. Beene added that the reform of the Zambian tax code will see renewed interest from investors and could lead to new mines reaching production over the next five to ten years.

He observed that with the right stabilising policies in place, the development could completely change the country’s development trajectory.

“We do understand that the Finance Minister’s immediate priority was to stem the outflow of reserves in order to meet the nation’s debt obligations. But this is a refreshingly prudent Budget, and most definitely a step in the right direction,” he said.

He further noted that work is needed on tax reform, along with guarantees of stability, if Zambia is to attract the investments necessary to triple copper production.

“But with this hugely positive early signal, the mining industry stands ready to work collaboratively with the government in its endeavour,” he stated.

This is contained in a statement issued to ZANIS in Lusaka today.

9 COMMENTS

  1. Useless Chamber of Mines…when all the minerals are gone lets see how many members you would have..you will only be left with holes!!

    6
    2
  2. Ala Bane, is it only Zambia or what with Doctors in every field unless I’m reading wrong but everything is Doctor. Finance minister- Doctor. BOZ – Doctor, Mines – Doctor, Education – Doctor. I think ka Chief Justice is a Doctor also. Everywhere doctor’s, why is Zambia poor then? Atase!

  3. They will all nod their heads to hh because they are scared to speak against him even when they know they don’t agree with some of his policies. And to think people claimed ecl was a dictator. It is clear who the real feared dictator is. Even Hitler started off softly

    5
    2
  4. The most classic adage regarding trolling is, “Don’t feed the trolls.” Trolls seek out emotional responses and find provocation amusing, so replying to them or attempting to debate them will only make them troll more. By ignoring a troll completely, they will likely become frustrated and go somewhere else on the internet.

    You should try your best not to take anything trolls say seriously. No matter how poorly they behave, remember these people spend countless unproductive hours trying to make people mad. They’re not worth your time of day.

  5. @we voted him out…..you hit the nail on the head. In Zambia everyone is Dr……..
    At the ministry pf healthy you find the real doctors. In financial circles, Dr Muskotwane, Dr. Fundanga, Dr.Ngandu …. Presidents he have had Dr. Kenneth Kaunda(Not sure how far he went apart from being a teacher)…..Dr. Fredrick Chiluba, Dr. Edgar Lungu…….. are we going to have Dr. Hichilema soon? Then you have Doctors . who are simply vendors. I know one doctor in the Petroleum industry simply selling fuel . Then in the church we also having doctors. …….Dr Bishop Banda. Dr Pastor Nevers Mumba. …… Then you have Dr. Kambwili??? Chiefs have also joined…..Dr Chief Mumena……Then witches have also become doctors……..Dr.Kalulete , Dr. Chisushi , These are mostly from…

  6. We keep giving concessions to mining companies and get literally nothing compared to what they make. They keep cheating the govt out of revenue through transfer pricing. Mineral royalty tax is grossly underdeclared as the govt does not really know the real production figures.
    No mining house declares corporate tax as they cook the books and declare losses all the time.
    To make matters worse, the upnd govt has made mineral royalty tax now deductable for tax purposes, meaning the mining companies will literally pay nothing.
    So we are back to square one. Mining companies paying minimal tax while the Zambian worker pays 37 percent.

  7. Why are some people complaining? When some of us expressed our misgivings about HH and his UPND disciples, these are the same people who attacked and vilified us. And they voted en masse for HH as their messiah. If you make a bed of thorns, be prepared to sleep in it.

  8. The criminal and Gangster Pf took ten years to completely destroy our Economy which was growing at 7% per year GDP, it is now at negative 3 (-3). Anyone who thinks or is judging UPND in three months is being disingenuous and unfair. Most Policies especially Economic ones, take two to three years to have an impact. Let’s be fair to each other.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading