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Zambia court ruling against copper mining company is a victory against abusive tax practices. 26 MAY 2020, PRETORIA, SOUTH AFRICA – The African Tax Administration Forum (ATAF) welcomes the ruling by the Supreme Court in Zambia in favour of the Zambia Revenue Authority in a long running tax dispute with mining company Mopani Copper Mines Plc ...
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Zambia announced tax breaks for mining companies, drastically cut its budget deficit target and said it expects to conclude debt restructuring talks with creditors early next year. Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won ...
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Following the 2019 and 2020 mining tax changes, Zambia will rank as one of the highest mining tax regimes in the world. Rising energy costs from poor rainfall, lower ore grades and fears of nationalisation have contributed to further decline in investment in the mining sector, resulting in …
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Zambia's mines minister said on Wednesday that the government had been reviewing the mining tax framework with key stakeholders to design a …
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Zambia announced tax cuts for mining companies, slashed its budget deficit and said it expected to complete debt restructuring negotiations with creditors early next year. Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first …
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revenues accrue to the Government. How to tax the mining sector has become a hot topic. Debate is healthy and should lead to better policy, but only if it is well informed. While much work has been undertaken on mining taxation in Zambia, it has been quite technical in nature.
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Corporate Tax. Exporters of copper and cobalt are levied 35% of taxable income whereas other mineral and 'non-traditional' commodities (i.e. excluding copper and cobalt) attract a levy of 15%. Companies listed on the Lusaka Stock Exchange are levied at 30% of taxable income. You might be interested to read something about Zambia Mining Website.
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The Zambia Chamber of Mines—the mining industry association—supports the proposed tax regime and had initially proposed the idea of a price-based royalty. 3 However, industry watchdogs Publish What You Pay Zambia and Zambia Tax
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The Zambia Chamber of Mines—the mining industry association—supports the proposed tax regime and had initially proposed the idea of a price-based royalty. However, industry watchdogs Publish What You Pay Zambia and Zambia Tax Platform oppose the changes and have urged the government to "consider engaging in a more consultative and ...
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Zambia's ruling party is on the verge of a narrow victory in the country's presidential election, dashing the hopes of Canadian mining companies that were seeking a quick reversal of a steep tax ...
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Furthermore, Mopani Copper Mines smuggles its profits out of Zambia without paying taxes and bringing profits to a tax haven, Switzerland, according to a leaked Financial Audit Report carried out by tax specialists Grant Thornton and Econ Poyry, analysing the balances of the company and mine activities from 2003 to 2008.
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Zambia - Country Commercial Guide ... The duty on productive machinery for agriculture, aquaculture, solar energy, and mining is zero percent. Other duty-free items include medicines, pharmaceuticals, veterinary supplies, medical equipment, computer parts, chemicals in bulk, fertilizers, and seeds. Import Value Added Tax (VAT) is collected on ...
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– Tax clearance certificate (issued under Income Tax Act, Cap. 323) – Plan of proposed mining area – In the case of gemstones, a plan for cutting, polishing and faceting of gemstone in Zambia
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Zambia announced tax breaks for mining companies, drastically cut its budget deficit target and said it expects to conclude debt restructuring talks with creditors early next year.
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argues that, "collecting more tax revenue in Zambia especially from the mining sector will require the ZRA to employ more staff with experience". R. Liebenthal (Personal Communication, November 21, …
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c. Mining right or interest granted under the Mines and Minerals Development Act. The rate of tax for property transfer tax in Zambia is 10%. Zambia Inheritances And Donations. Estate duty was abolished. There is no gift tax in Zambia. Zambia Double Tax Treaties
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Zambia reviews mining tax framework. Z ambia's mines minister said on Wednesday that the government had been consulting with stakeholders "to review the mining tax policy framework" to design a tax regime that would be stable, predictable and competitive. "This will also attract both local and foreign investment in mining and ultimately ...
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Rate of Tax. The rate of tax applicable on the transfer of land or shares is 5% and 10% for a mining right. Transfer to immediate family. Where a person transfers his property to a member of his immediate family, the Realised Value of such property is the actual price, if any received by transferor.
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The tax rates in Zambia are as follows: Standard: 35 percent. Mining: 30 percent. Farming: 15 percent. Non Traditional Exports: 15 percent. Personal Income Tax: 25 to 35 percent. VAT: 16 percent. Withholding Tax: 15 percent on rental income, consultancy, dividends and royalties for non-residents. Printer-friendly version.
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The new UPND government's plan to rationalise the mining tax regime to attract investment and boost production has been welcomed by the country's largest taxpayer, First Quantum Minerals (FQM). The 2022 Budget – under the theme 'Growth, Jobs and Taking Development Closer to the People' – presented to Parliament on Friday (October 29, 2021) by Minister […]
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JOHANNESBURG (Reuters) -Zambia's mines minister said on Wednesday that the government had been reviewing the mining tax framework with key stakeholders to design a regime that would be stable ...
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Among the several taxes that the mining companies are supposed to pay in Zambia, some of the few are Customs and Excise Duty, Value Added Tax (though refunded) and Income Tax. A combination of these and other taxes are what constitute a taxation regime for mining companies in Zambia.
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President, Zambia Chamber of Mines Mining taxes are, once again, a hot topic in Zambia. In her 2019 Budget speech, the Honourable Mrs. Margaret Mwanakatwe, Zambia's Minister of Finance, announced the Government's intention to increase royalty rates, along with a slew of other taxes and duties.
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This case study outlines some steps that Zambia has taken to improve revenue collection from the mining sector, with support from the African Tax Administration Forum (ATAF), the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), and the Organisation for Economic Co-operation and Development (OECD).
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Zambia announced tax breaks for mining companies, drastically cut its budget deficit target and said it expects to conclude debt restructuring talks with creditors early next year. Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his...
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Zambia's new tax regime has resulted in significantly higher royalty bills than in the past, pitting the nation against copper mining companies. Zambia is Africa's second-largest copper producer, behind only the Democratic Republic of the Congo.
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Mining duties, royalties and taxes in Zambia Corpus Legal Practitioners Zambia July 4 2019 ... In the event that there is a tax dispute between mining entities and the government, the mining ...
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Zambia: Mining Laws and Regulations 2022. ICLG - Mining Laws and Regulations - Zambia covers common issues in mining laws and regulations – including the acquisition of rights, ownership requirements and restrictions, processing, transfer and encumbrance, environmental aspects, native title and land rights – in 15 jurisdictions.
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Zambia's tax regime has undergone various changes over the past years. In 2014, the government increased mining royalty rates and temporarily removed the 30% corporate income tax for mining companies with the aim of generating an immediate stream of revenue once mining …
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Oct. 29, 2021, 9:12 AM. Mining royalties to become deductible from income taxes. Budget deficit seen at 6.7% of gross domestic product in 2022. Zambia announced tax breaks for mining companies, drastically cut its budget deficit target and said it expects to conclude debt restructuring talks with creditors early next year.
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Corporate - Withholding taxes. Payments of the following items of Zambian-source income may be subject to WHT. The relevant rates under domestic legislation are as follows: 0% if paid by a mining company or a company listed on the Lusaka Securities Exchange to individual shareholders. 10% WHT on rent is a final tax.
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Proposed tax changes will make it difficult to invest in Zambia. Chamber of mines in Africa's second largest copper producer has opposed the states proposed mining tax regime. This was contained in a press release issued by the COM on 04 October. More tax regime instability, massive increases, and novel taxes not seen anywhere else in the ...
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