Action Aid Country Director Pamela Chisanga says Zambia to re-look at both Its Mining Tax Policy and Administration. Ms Chisanga said this at the ongoing mining Indaba being held at Fatmols Lodge in Ndola.
She said Zambia’s economic history had indicated that the volatility of Copper prices inevitably affected economic performance and revenues from mining activities as this depended on the performance of the mining sector.
Ms. Chisanga added that wide consultations, including proponents of the introduction of windfall tax, have argued for the tax system to be designed in a way that accommodates price booms and slumps, so as to optimally capture tax revenue during times of buoyancy, while at the same time not act as a disincentive in gloomy days.
She wondered why major investors had opposed Zambia’s measure to renegotiate its royalty rate despite a fourfold increase in the price of copper between 2000 and 2011.
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Zambias economy should have been divesified way back even before 2008 economic recession. We now face a cyclical recession and people re- start to talk about divesification, we seem not have learnt our lesson,its a shame always depending on copper as a major export. Thanx action Aid. Also kudos to Zambian eye for such subjects unlike politics we see on other sites all the time. Its a breather for some of us.