ZAMBIA IS ONCE AGAIN OPEN FOR BUSINESS – ZCM
By BUUMBA CHIMBULU
THE announcement that mineral royalty taxes will become a deductible expense is a clear indication to the world that Zambia is once again open for business.
This is according to the Zambia Chamber of Mines (ZCM) president, Dr Godwin Beene.
Dr Beene stressed that with the right stabilising policies in place, these developments could completely change the country’s development trajectory.
“The promising changes to mining policy made in the Budget announcement will be positive for every area of the economy and, as such, should be seen as a win for every Zambian,” he told the Mining for Zambia. And ZCM Chief Executive Officer, Sokwani Chilembo, explained that the decision was backed by all stakeholders in the arena. Mr Chilembo said there was goal similarity, and everyone was aligned in that decision.
“The circumstances that we are in are extraordinary. Take the initiative to remove mineral royalty deductibility, for example. There was consensus at the Mining Indaba earlier this year that this was something that needed to happen – and not just consensus within industry, but consensus between members of Government, civil society, and industry.
“There were additional changes that were being sought too, but we understand the tough circumstances that the new Government is in,” he said.
Meanwhile, Mr Chilembo said the industry was grateful for the open door policy by the current Government.
With the open door policy that is available now, he explained, the industry could improve upon where it was, and that it was critical.