continue to be so. Zambia has a long history of mining and a large known resource base of copper, emeralds and other deposits, as well as good potential for further discoveries given the high degree of prospectivity. The mining sector is a major contributor to foreign direct investment, and mining tax revenues contribute a signif-

The primary law governing the mining sector in Zambia is the Mines and Minerals Development Act (11/2015) ('Mines Act'), as read together with its various amendments (Act 14/2016, Act 18/2018 and Act 25/2020). Various regulations have been made pursuant to the Mines Act, such as the following: the Mines and Minerals (Trading …

Actual mining revenue sharing and taxes in Tanzania and Zambia. Moving on from the KCM and Zambia specific analysis above, the author looks at the mines that accounted for the majority of Tanzania and Zambia's large-scale gold and copper mining in a shorter period for which complete data on mining tax payments are available: from …

Zambia's MRT regime is structured around a series of tax bands, with the tax rate climbing to a new percentage point each time copper reaches a different price point. But, unlike the system applied for personal income tax, when the copper price crosses a threshold, the higher tax rate applies to of earnings, rather than just to those ...

In 2015, the mining tax regime was further revised as follows: • 8 percent Mineral Royalty for underground mining operations as a final tax; ... export in Zambia or at the point of delivery in Zambia for purposes of calculating mineral royalties. For base metals, mineral royalty calculation is based on "Norm Value." ...

Booklet: Taxation and Mining Investment in Zambia. Lee Muzala November 24, 2016. 889 1 minute read. In July 2016, the government of Zambia announced a new Mineral Royalty Tax based on a. sliding scale that varies between 4% and 6%, depending on the copper price. We in the industry warmly welcomed this development, …

ZAMBIA: 2023 NATIONAL BUDGET – ADDITIONAL MINING TAX REGIME REFORMS. Zambia has set an ambitious goal to increase its annual copper production …

Zambia's MRT regime is structured around a series of tax bands, with the tax rate climbing to a new percentage point each time copper reaches a different price point. But, unlike the system applied for personal income tax, when the copper price crosses a threshold, the higher tax rate applies to of earnings, rather than just to those ...

It has fined Mopani Copper Mines $13 million! This is a case in which the Zambia Revenue Authority (ZRA) has been battling with Mopani Copper Mines and its Swiss parent company Glencoe since 2009. Glencore PLC is a British multinational commodity trading and mining company with its headquarters based in Baar, Switzerland.

Corporate Tax. Exporters of copper and cobalt are levied 35% of taxable income whereas other mineral and 'non-traditional' commodities (i.e. excluding copper and cobalt) attract …

The mining industry's lobby group had complained for years that not being allowed to deduct royalties amounted to double taxation and deterred investment. Zambia announces mining tax breaks ...

Inheritance, estate, and gift taxes. Zambia does not have an inheritance, estate, or gift tax. Property taxes. ... PTT applies on the transfer of land situated in Zambia; intellectual property right, a mining right or an interest in the mining right; mineral processing licences and other mining-related licences; and the transfer of shares ...

Gaining insights into process intricacies and pinpointing standardization opportunities prior to ERP implementation. Examining the pivotal role of process mining throughout the …

The Zambian government has undertaken numerous policy changes in the mining taxation system aimed at large-scale mining firms that have inadvertently negatively affected ASM miners. For instance, changes in the payment of royalties in 2015 significantly increased the tax burden of ASM operators but was in fact a policy change …

24 Nov 2023. 8:20 AM ET. By Daniel Clery. The Shackleton crater at the Moon's south pole may contain frozen water, which could be mined in future Moon missions. NASA. …

The Zambian government has charged that these new measures will ensure that the sector is paying its fair share of taxes, but the mining firms have pushed back, declaring the new set of taxes will …

Corporate - Withholding taxes. Payments of the following items of Zambian-source income may be subject to WHT. The relevant rates under domestic legislation are as follows: 0% if paid by a mining company or a company listed on the Lusaka Securities Exchange to individual shareholders. Interest payable to local banks and financial …

Artisanal and small scale mining to be taxed under Turnover tax regime as opposed to taxing it under Corporate Income Tax ("CIT"). Reduction of the CIT rate from 30% to 25% on income earned from value addition to gemstones through lapidary and jewellery facilities. Reduction of tax on income received by Public Private Partnership for …

Michael Phiri, Tax Partner at KPMG Zambia. In the Minister of Finance's Budget speech, he said that to unlock Zambia's economic potential, the country needs to address the "constraints" facing the economy, especially in mining, energy, manufacturing and agriculture. These include "low private sector investment" and "low access to ...

Late Submission Of Returns. 1,000 penalty units per day or 0.5% of the tax due. 3. Late payment. 1,000 penalty units per day or 0.5% of the tax due. 4. Late payment interest. Interest Bank of Zambia discount rate plus 2%.

Government set out its plan to revive Zambia's economy during last week's Public Symposium on the 2023 National Budget, held on Monday 3 October 2022. Mining For Zambia shares the key takeaways. Having secured an IMF-supported program in September 2022 to assist with managing the country's debt, growth is now at the top of …

Kansanshi mine (owned by Kansanshi mining plc, which was a subsidiary of First Quantum minerals Ltd. of Canada) and ore body and reserves nearing depletion at the Chibuluma South mine [owned by Chibuluma mines Plc, which was a joint venture between metorex Ltd. of China (75%) and zCCm–iH (25%)]. in 2019 zambia produced 262,000 t of

The election of Hichilema in 2021 marked the turnaround for Zambia's mining sector. He set out the goal of expanding Zambian copper production from 800,000 tonnes per year to 3 million, over a ...

Key View. In October, Zambia's new government - in place since the August 2021 elections - announced tax breaks to the mining sector as part of the 2022 budget discussions. This suggests a more …

8.5 per cent when the norm price is US$7,500 per tonne or more but less than US$9,000 per tonne; and. 10 per cent when the norm price is US$9,000 per tonne or …

The primary law governing the mining sector in Zambia is the Mines and Minerals Development Act, No. 11 of 2015 of the Laws of Zambia (MMDA) as read together with the Mines and Minerals …

Investment in Zambia's mining sector tripled in 2022 thanks largely to the introduction of various tax incentives in the new Government's first budget and the apparent commitment to maintaining a stable mining tax policy. In the first edition of our mining report, we …

Small-Scale Mining Rights in Zambia 1.0 Introduction Mining is the major driver of economic activities in Zambia, accounting for about 12% of the Gross Domestic Product (GDP) and more than 70% of the country's export earnings1. Further, the sector employs about 59,371 people, making it fifth on the country's top sector employment index.

The report shows that FQM paid approximately US$209.5 million in mineral royalties ($195.8 million, 2019), and a further $202.8 million in company income tax in Zambia during 2020 ($176.2 million, 2019). "The mining sector remains critical to the Zambian economy as it is the main contributor to foreign exchange earnings."

work has been undertaken on mining taxation in Zambia, it has been quite technical in nature. This is out of reach of most participants in the debate, whether from civil society, academia or business. As a result, while technical terms such as "windfall tax" are frequently used by participants in the debate, there is no common understanding ...