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WINDFALL NEVER TO RETURN- MINES MINISTER ZAMBIA

  1. Posted on Monday 10 May 2010 - 23:35
    penny
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    The Zambian government has maintained that it will not reintroduce the windfall tax in the mining sector.
    A windfall profit tax is described as a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry.
    In Zambia, this particular tax which was introduced in the mining sector was supported by the World Bank in 2008 who said it would help the country raise funds required to build infrastructure and improve education and health services.
    It was then removed at the height of the global economic crisis in 2009.
    Mines minister Maxwell Mwale has said in the Zambian capital Lusaka on Monday 10th may 2010 that although countries like Australia had introduced a tax similar to windfall tax, Zambia would not do so.
    Mr Mwale says the Zambian government would like to see investors leaving countries like Australia explore mining opportunities in African countries like Zambia.
    He explained that in the year 2008, when the windfall tax was put in place, there was a decline in mineral exploration which government would not like to see re-occur.
    He made the pronouncements when he met officials from first quantum minerals a Vancouver, British Columbia based mining and metals company whose principal activities include mineral exploration, development and mining in the copper rich parts of North western Zambia.
    And First Quantum resident director, Kwalela Lamaswala said the windfall tax raised production costs for mining companies and that scared away investors.
    He described the tax as retrogressive thereby highlighting the mines happiness that it was eventually removed.
    Ends…….
    WINDFALL NEVER TO RETURN- MINES MINISTER ZAMBIA

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