Monday, April 21, 2008

$4bn raised from mine taxes in 2007, says Fundanga

$4bn raised from mine taxes in 2007, says Fundanga
By Edwin Mbulo in Livingstone
Monday April 21, 2008 [04:01]

BANK of Zambia (BoZ) governor Dr Caleb Fundanga has said Zambia last year raised US$4 billion from mine taxes. In an interview at the Royal Livingstone Hotel, Dr Fundanga said Zambia 's mining tax regime was not the worst and praised Konkola Copper Mines (KCM) for accepting the new mining tax regime. Dr Fundanga said there was need to grow the revenue collection from the mines if there was going to be an improvement in the roads, education and health sector.

"We raised US$4 billion from mine earnings last year but we need to grow in the revenue collection. Our mining tax regime is not the worst and we are happy that KCM has accepted the regime, we urge all the other mines to accept the tax regime for us to develop our schools, hospitals and roads," he said.

Dr Fundanga said had Lumwana mines helped to develop the Chingola-Solwezi Road, it would not have been in the current poor state.

"How are we going to repair the roads if they don't pay the tax?" asked Dr Fundanga.

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At 2:41 PM , Blogger MrK said...

And I thought the entire industry was worth $4 billion.

Now the government has collected $4 bn in taxes?

Which I think is great, if it's correct.

At 6:35 PM , Blogger Cho said...

It is wrong.

At 7:29 PM , Blogger MrK said...

I thought so. I estimated that if the turnover of the entire industry is $4 bn, then they would have $2.4 billion in profits.

Last year, finance minister Magande stated that the government would collect about $400 million in taxes this year.


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