Booklet: Taxation and Mining Investment in Zambia
With this objective in mind, we are publishing this freely available booklet Taxation and mining investment in Zambia. It explains, in layman's terms, the challenges of designing a mining tax regime that …
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Mining duties, royalties and taxes in Zambia
Any mining right under the Mines Act is considered to be property and the Property Transfer Tax (Amendment) Act No. 16 of 2015 provides that PTT of 10 per cent of the realised value, which is the ...
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ZRA raids Spax Mining over tax evasion | The Zambian …
The Zambia Revenue Authority (ZRA) has uncovered a suspected tax evasion scheme involving fraudulent recovery of input Value Added Tax (VAT), underpayment of Mineral Royalty and non-disclosure of income orchestrated by Baba Kabaso Mulenga, the proprietor of Spax Mining Limited in Chingola.
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Zambia's mining industry in 2023
I t's been a very promising year for mining in Zambia, with the sector attracting US$3.4 billion in investment commitments, doubling the pledges made in 2022.. As we reflect on 2023, Mr Sokwani Chilembo, CEO of the Zambia Chamber of Mines, tells us about the investments that have been made and the projects that are already …
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Zambia to slash royalties, reinstate mining tax
The initial tax hike pushed Barrick to idle its Lumwana copper mine, located in Zambia's Northwestern Province. (Image courtesy of Barrick Gold)
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Mining For Zambia
Mining, the industry at the heart of the Zambian economy. Find out more about the the Zambian mining industry from taxation to the economy and more ..
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Tax Breaks To Stimulate Mining Sector In Zambia
Following the August 2021 elections, the new government begun reviewing the mining tax framework with key stakeholders to create a stable, predictable and …
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Zambia
PTT applies on the transfer of land situated in Zambia; intellectual property (IP) right; a mining right or an interest in the mining right; mineral processing licences and other mining-related licences; and the transfer of shares issued by a company incorporated in Zambia, including on the indirect transfer by a non-resident company that ...
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Mining taxation policy in Zambia: The tyranny of …
Instability, massive increases and novel taxes not seen anywhere in the world'. That is the way the outgoing Zambia Chamber of Mines President, Nathan Chishimba, described the new tax measures …
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The economic and social impact of mining-resources exploitation in Zambia
The question of the Zambian mining tax structure arises too. The weight of royalties in the total revenue from specific mining taxes has gradually grown since 2008 (table 3), which has increased dependency on this kind of income. However, some management reasons can explain this trend. The tax system contains two main …
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Zambia
0% if paid by a mining company. Interest payable to local banks and financial institutions licensed under the Banking and Financial Services Act, 2017 is exempt from WHT. ... Tax Partner and Country Tax Leader/ Head of Tax, PwC Zambia +260 97 10 27 555. Malcolm Jhala. Tax Partner (International Tax, Transfer Pricing, Tax …
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What do next year's changes to the mining tax regime …
Zambia's MRT regime is structured around a series of tax bands, with the tax rate climbing to a new percentage point each time copper reaches a different price …
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Zambian mineral royalties increase
The 2019 mining tax increases and planned VAT changes indicate that the Patic Front government's economic policy is likely to target foreign mining operators aggressively, supported by claims that they are "cheating" Zambia. ... In May 2018, the Zambia Revenue Authority (ZRA) concluded a customs audit of all Zambian mining …
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Boosting mineral revenues in Zambia
the Zambia Revenue Authority (ZRA) to prevent tax avoidance and evasion among mining companies can be strengthened by creating a dedicated and high-level tax unit for mining within ZRA, led by a commissioner. Communication and co-ordination on mining policies and outcomes between the Ministry of Finance, the ZRA and the mining companies also
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THE MINING INVESTMENT AND GOVERNANCE REVIEW …
Zambia has a long history of mining and a large known resource base of copper, emeralds and other deposits, as well as good potential for further discoveries given the high degree of prospectivity. The mining sector is a major contributor to foreign direct investment, and mining tax revenues contribute a significant portion
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Putting windfall tax to work for Zambia
Using a mining-related tax windfall to pay off some debts is Zambia's best move, say experts. The Zambian Government's collection of ZMW 40.1 billion in revenue and grants between January and May 2021 …
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Zambia: 2023 National Budget – additional mining tax …
The Minister also proposes to replace the current CIT regime with a presumptive tax for artisanal and small-scale mining. The presumptive tax will be based on the gross turnover less mineral royalty payments at the applicable turnover tax rate.
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Reforming Zambia's mines needs more change and support
Zambian president Hakainde Hichilema – affectionately known as HH – used his speech at the annual African Mining Indaba held in Cape Town in May to sell to the international investment community his vision for the nation's vital mining sector. ... These include the removal of a contentious 'double taxation' policy whereby mining ...
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Zambia
For example, the final tax return for the 2023 tax charge year is due for submission by 21 June 2024. In the case of a manually filed tax return, the tax return needs to be submitted by 5 June following the end of the tax year. For example, the final tax return for the 2023 tax charge year, if submitted manually, is due for submission by 5 June ...
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Zambia's plan to dig its way out of debt with a copper revival
Additionally, it has stabilised mining taxes, which constantly changed under the last government, and signed a deal to set up a cross-border economic zone with the DRC to add more value to their ...
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Potential Corporate Tax Avoidance in Zambia's Mining …
Potential Corporate Tax Avoidance in Zambia's Mining Sector? Estimating Tax Revenue Gains from Addressing Profit Shifting or Revising Profit Allocation Rules: A Case Study of Glencore and Mopani Copper Mines. This report presents a quantitative tax analysis to determine the potential level of Mopani's profit shifting (and foregone …
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Government will not forgo mining-generated revenues again
Government set out its plan to revive Zambia's economy during last week's Public Symposium on the 2023 National Budget, held on Monday 3 October 2022. Mining For Zambia shares the key takeaways. Having secured an IMF-supported program in September 2022 to assist with managing the country's debt, growth is now at the top of …
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Tax Information – Zambia Revenue Authority
– Any person who is involved in mining operations as provided under the Mines and Minerals Development Act. ... The following organizations are exempt from Property Transfer Tax: The Government of the Republic of Zambia; Any foreign government; Any international organization, foundation or agency as the Minister of Finance may approve …
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ARTISANAL AND SMALL SCALE MINING 2023 LEAFLET
Mining businesses with income earned from artisanal or small-scale mining with annual turnover of K800,000 or less per annum. What is the tax rate? The tax rate applicable is …
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Parliamentary Budget Office November 2022
1995 which paved the way for the privatisation of the Mines in Zambia. This Law empowered the Minister to enter into development agreements with the investors. 4.0. In 2000, the Government extended tax concessions to the mining sector to support the ... In 2015, the mining tax regime was further revised as follows: • 8 percent Mineral Royalty ...
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Zambia
The tax practice is particularly noteworthy, encompassing all facets of Zambian taxation with a focus on inbound investment. PwC Zambia's expertise spans several key sectors, including mining, financial services, consumer and industrial products, and services sectors, positioning the firm as a leader in professional services within the …
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What do next year's changes to the mining tax regime actually mean?
Making Zambia a more attractive destination for investment is the number one shared priority of Zambia's brightest financial brains. Investment in the country's mining sector, in particular, has the enormous potential of putting Zambia back on a growth trajectory, with the direct economic benefits from new and expanded mining operations …
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Zambia Country mining guide
Sources: BMI Zambia Mining Report Q2 2013; The World Copper Factbook 2012: Zambia mining guide | 3 New geographic expansion risk framework ... early 2000s means that the industry only contributes 3 percent of tax revenues versus up to 70 percent of foreign exchange income. The direct contribution of mining to the economy is low and its impact ...
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