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ZAMBIA LOSING $2.5BN TO PROHIBITIVE TAX BLOCKING INVESTMENT

By ADRIAN MWANZA

ZAMBIA is losing up US$2.5 billion because the country’s current tax regime is not attracting investment, says the Zambia Chamber of Mines (ZCM). ZCM president Dr Godwin Beene said the current tax regime was not attracting investments.

Dr Beene said that he was hoping that the new dawn government would put in place measures that would help the country recoup on some funds from the mines.

“Right now the tax regimes are not favourable hence the country is losing out on US$2.5 billion as a result with a majority of mines impacted by the regimes,” he said.

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He said that ZCM was waiting on the new minister of Mines, Mr Paul Kabuswe to give a ministerial statement on the way forward.

Dr Beene said that they are hoping that they could tailor a new tax regime that would ensure that the country did not lose more money which could be channelled into the economy.

“If only Government put in place measures and friendly regimes then we cannot have a situation where US$2.5 billion is a lost out because that is a lot of money,” he said.

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