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(LUSAKATIMES) Government will not re-introduce the windfall tax-President Banda

Government will not re-introduce the windfall tax-President Banda
Friday, October 15, 2010, 9:38

PRESIDENT Banda has maintained that Government will not re-introduce the windfall tax for mining companies operating in Zambia. Mr Banda said the re-introduction of the windfall tax has the potential to stifle the growth of Zambia’s mining sector.

“The abolition of the windfall tax will remain intact and as Government we shall not listen to those calling for the bringing back of this tax. Let them just watch what Government is doing to attract more investors to the mining sector,” Mr Banda said.

The President was speaking in Chililabombwe yesterday when he officiated at the groundbreaking ceremony of the Konkola North Copper Mine project.

Mr Banda said mining companies are paying a lot of taxes such as mineral royalties, property rates and other taxes.

He said the abolition of the windfall tax was aimed at paving way for a manageable tax system for the mining sector.

“As Government, we have the responsibility of doing what is correct for the country, which is to attract more foreign investors in our mining sector.

So as President I want to reiterate what the Minister of Finance said that windfall tax will not be brought back,” Mr Banda said.

[Zambia Daily Mail]

Labels: MINING, MMD, RUPIAH BANDA, TAXATION, WINDFALL TAX

posted by MrK @ 4:01 PM