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Mine tax re-designing approved

EDGAR-LUNGU-CABINET-CHAIR-624x406

 

Cabinet has approved the re-designing of the Taxation Regime for Mining Operations.

 

At its meeting, cabinet resolved a flat mineral royalty rate of five percent for other base metals, industrial minerals and energy minerals and flat mineral royalty rate of six percent for precious metals and gemstones.

 

Cabinet also approved the suspension of the ten percent export duty on ores and concentrates for which there are no processing facilities in Zambia.

 

It also removed the variable profit tax on income from mining operations but maintain the corporate income tax at 30 percent.

 

Chief Government Spokesperson Chishimba Kambwili says review in the taxation regime is deemed necessary to sustain continuous operation of existing mining companies and avert the continuation of suspension of mining operations and job losses.

 

The meeting also resolved to review Retirement Benefits for Former Presidents and other Constitutional Office Holders.

 

Under this Item, Cabinet approved the establishment of a Leaders Contributory Pension Fund for the President and other Constitutional office holders.

 

Cabinet also approved the Contraction of a loan amounting to thirty million US dollars from the African Development Bank for the Skills Development and Entrepreneurship Project, Supporting Women and the Youth.

 

Mr Kambwili said the need for this loan arises from the fact that Government is unable to finance the Project from tax and non-tax sources.

 

The meeting also approved the contraction of a loan from the Export-Import Bank of United States of America amounting to 73 million US dollars to support the implementation of the Design, Manufacturing and Supply of 144 Prefabricated Modular Steel Bridges Project, which is intended to improve access countrywide.

edgar lungu cabinet

Cabinet also approved the contraction of an additional loan from China Development Bank amounting to 29.5 million US dollars to complete the Mansa-Luwingu Road Project.

Mr Kambwili also disclosed that Cabinet approved the contraction of a loan from the African Development Bank amounting to 50 million US dollars to support the implementation of the Lusaka Sanitation Programme – Climate Resilient Sustainable Infrastructure Project.

 

He said cabinet also approved the contraction of another loan from the African Development Bank amounting to 45 million US dollars to support the implementation of the Cashew Infrastructure Development Project.

 

Mr Kambwili also announced that Cabinet approved the appointment of members to serve on the National Road Fund Agency Board.

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