Chilanga Cement has revealed that it paid more than 142 million Kwacha in taxes to the Zambian government in 2021.
This was revealed during 30th Annual General Meeting (AGM) held on Tuesday via Zoom chaired by Chilanga Cement Board Chairman Mr. Muna Hantuba.
Mr. Hantuba has so announced that Chilanga recorded a 291 million Kwacha profit after tax for the year 2021.
He said the performance was mainly attributed to increased exports by 34% which brought in more than 1.2 billion Kwacha equivalent of hard currency into the country.
Mr. Hantuba said, “Following the two interim dividends declared in September and November 2021, the members of the Annual General Meeting voted in favour of the Chilanga Cement PLC board’s proposal not to declare a final dividend.”
Meanwhile, Chilanga Cement’s Chief Executive Officer Mr Jianping Chai said the company will continue to focus on market development both locally and within the SADC region.
He further thanked the shareholders and Board members for their dedication and wise counsel, whilst extending his thanks to the customers for their unwavering loyalty to Chilanga Cement.
The statement is hollow. There are a number of taxes that are applicable to corporate entities, therefore Muna should have stated which taxes made that K142M. PAYE & VAT aren’t company taxes. How much was income tax? Why hasn’t he declared the profit? You can’t declare interim dividends without stating the amount and on which basis. ZRA must thoroughly audit Chilanga Cement’s financial statements. Mufisa nji amambala?
The Tax is too little compared to their sales?
Zambia is tax heaven for all investors .Then
We start looking for loans from IMF when we
Can raise our own money from taxes.
I cant believe the amount of Tax being paid by a big company like CHILANGA Cement. In US$ terms @ Ex Rate K18, (US7.9m). We expected more from Chilanga Cement given that a lot of construction took place last year.
You could have reduced price of cement and paid less tax. That would have benefitted the consumers more that grz where the money is just misused.