Saturday, December 22, 2012

(STICKY) (TIMES ZM) Seal tax loopholes, Saasa urges Govt

COMMENT - Glencore International PLC is world renowned for it's tax evasion. Glencore, called the Goldman Sachs of commodities because of it's ruthless business practices, is even headquartered in Switzerland. How obvious do they need to be? They even have Tony Hayward of BP who is now a senior non-executive director at Glencore (see 4). For more information on Glencore's activities, read:

1) Mopani pilot audit reveals tax payment irregularities
Thursday, February 10, 2011, 8:48

2) GLENCORE IN THE DEMOCRATIC REPUBLIC OF CONGO: PROFIT BEFORE HUMAN RIGHTS AND THE ENVIRONMENT

3) WBAI AfrobeatRadio, 06.09.2012
Glencore International's exploitation of child mining labor in the Democratic Republic of the Congo. Aired on AfrobeatRadio, on WBAI, 99.5 FM, New York City, wbai.org.

3) Contracts, human rights and taxation: How a company exploits a country
The case of Glencore in the DRC - Study written by Chantal Peyer in collaboration with Yvan Maillard (Bread for All); Fieldwork in the Democratic Republic of Congo led by Freek Cronje, Jean-Didier Losamgo Nzinga, Vidette Bester and David van Wyk (Bench Marks Foundation)

4) (DAILY MAIL UK) Greed Inc: A special investigation into pollution, dubious tax practices and exploitation of African workers at Glencore

Seal tax loopholes, Saasa urges Govt
December 21, 2012
By KAIKO NAMUSA and MAYA NTANDA -

ECONOMIST Oliver Saasa has said revelations that K40 trillion was siphoned out of Zambia reflects serious lapses in the tax system which the current Government should urgently address.

And the Zambia Congress of Trade of Unions (ZCTU) says the loss of the K40 trillion between 2000 and 2010 was evidence of a failed tax monitoring system under the MMD administration which the Patriotic Front (PF) leadership should immediately address.

Professor Saasa said in Lusaka yesterday that the country had continued to lose huge amounts of money through tax evasion and corruption.

He said the Government should seal all the loopholes, especially in the mining sector.

“This is a wake-up call for the PF Government to institute measures to overhaul our fiscal tax regime. There is no need to lose trillions,” he said in an interview.

Prof Saasa hailed the pronouncement by Finance Minister Alexander Chikwanda that the matter would be probed.

ZCTU leader Leonard Hikaumba echoed similar concerns on the need to curb tax evasion as evidenced through the revelation by the Washington-based Global Financial Integrity in its report.

Meanwhile, Mopani Copper Mines (MCM) has indicated that all taxes, royalties and other dues to the Zambian Government are paid in line with the country’s legislation.

The mining company is audited annually by Deloitte and its accounts have always been given a clean bill of health and kept at the Securities and Exchange Commission.

This is contained in the April 2012 submissions by Glencore International Plc, the major shareholders of MCM and made available to the Times in Kitwe yesterday by MCM head of communications and public relations, Cephas Sinyangwe.

Mopani is convinced that the taxes, royalties and other dues to the Government have always been calculated and paid in the proper manner in line with the applicable legislation,” read the submissions in part.

Labels: , , , , , ,

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home