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Nov 9 2022Africa Press Zambia which is why we have rationalized our tax regime to make our mining industry regionally competitive stated Dr MUSOKOTWANE The Minister was speaking at his office in Lusaka when Mr BUSSIER paid a courtesy call on him this morning Meanwhile Mr BUSSIER has reiterated AfDB s commitment to Zambia s
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Dec 10 2021revise the rental income tax regime suspend the application of income tax to persons carrying on the business of manufacturing ceramic products for the charge years 2024 and 2024 extend the period for which disallowed interest deduction can be carried forward by persons carrying on a mining operation or electricity generation
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1 day agoThe findings reveal that until March 31 2024 the mining company which earned nearly US$6 billion in total revenue just paid about US$28 million in income taxes over the 8 year period
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1 day agoTo make its mining fiscal regime more attractive and competitive the government continues to give tax incentives to foreign investors In last year s budget for instance Zambia changed its mineral royalty regime reintroducing the fiscal instrument as a deductible expense for income tax purposes
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Nov 24 2021Mr Godwin Beene President of the Zambia Chamber of Mines called the announcement that mineral royalty taxes will become a deductible expense a clear indication to the world that Zambia is once again open for business
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6 days agoThe October Federal Budget brought no changes to the R D Tax Incentive legislation but from 1 July 2024 we have been preparing R D claims reflective of the changes enacted in October 2024 notably the use of R D intensity to calculate the premium R D offset for entities with turnover above $20m Additionally until 30 June 2024 there
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Oct 29 2021Mining royalties will be deductible from income taxes Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won power in August elections
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Zambia s tax regime allows the company to pay less tax when it spends money on physical assets or makes losses It paid only US$11 111 against profits of US$221 million in 2024 2024 Likewise Associated British Foods was accused in 2024 of paying no tax in Zambia even though its local affiliate Zambia Sugar made profits of US$123 million
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Nov 15 2022About About EIN Presswire How We Are Different Better How It Works
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Oct 13 2022In addition the Minister proposes to reduce the lowest marginal rate from % to 4% for a price of below USD 4 000 per tonne of copper Below is a comparison between the current and proposed MRT regime The Minister also proposes to replace the current CIT regime with a presumptive tax for artisanal and small scale mining
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office for willful failure pay tax on the imported in five 5 days of assess to pay taxes to the Zam goods between January ment a requirement that bia Revenue Authority and December 2024 was not fulfilled ZRA A Auditor Generals re Tax on Trade Kings Lim Trade Kings and its group port reveals that entries ited with 1 010 number
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Drug trafficking illegal mining and large scale commercial ventures in rural areas also contributed to displacement Local institutions that lacked the capacity in many areas to protect the rights of and provide public services to IDPs and communities at risk of displacement were impacted by the COVID 19 national quarantine
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1 day agoThe reply of the Italian Revenue Agency In its answer no 524 of October 2 2024 the Italian Revenue Agency went over the discipline of the impatriate tax regime provided for by Article 16 of Legislative Decree No 147/2024 in favour of workers who transfer their residence in the territory of the State and remain there for at least two years
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Zambia s new Patriotic Front Government said Sunday that it would consult mining companies before a new tax regime was introduced and not make arbitrary changes S P Global Commodity Insights S P Global S P Dow Jones Indices S P Global Engineering Solutions
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It contains three significant changes the removal of the 9 percent royalty on copper the introduction of a price based royalty the rate of which varies according to the copper price and the removal of the variable profit tax
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The effect of low tax jurisdictions tax havens hampers the social and economic development of poorer states We advocate radical reform This should close the gaps that allow tax evasion and avoidance by transnational corporations It calls for legislation and stronger institutional structures
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According to the authors Zambia has the highest tax burden of all comparable mining countries and under the new fiscal regime for the mining sector the effective tax rate would vary between 86
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Nov 1 20221 The impact of the pandemic appears to be receding despite a recent upsurge in cases After a peak in January 2024 the situation was improving but in early June the government declared the beginning of a fifth COVID wave Nevertheless the fatality rate remains relatively low at percent Almost 56 percent of the eligible population is fully vaccinated while 67 percent have received
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Nov 20 2020copper zambia Latest Breaking News Pictures Videos and Special Reports from The Economic Times copper zambia Blogs Comments and Archive News on which owns 20% of KCM through state mining investment firm ZCCM IH handed control of the business to a liquidator in May 2024 Higher Eps Pension Under Epf Scheme Last
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Speaking in at an information sharing meeting on findings of a recently published report dubbed A Tax Too Far The Economic Impact of Zambia s Proposed Sales Tax Chamber of Mines President Goodwell Mateyo intimated that a sales tax will leave the mining industry uncompetitive
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In 2024 the Government of Zambia reformed its mining tax regime for large scale copper mines through a unilateral legislative change The country went from having one of the lowest average effective tax rates and government take to be above the average We focus on a particularly controversial element of the packet of changes the windfall tax We trace adjustments in the mining tax regimes
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Importantly the longer the term of the lease the less value the improvements will be treated as having with leases over 50 years treated as having no value and leases of ten years or less treated as having full value Periodic leases or terms that are unascertainable when the lease is made will also be treated as having full value
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zambias tax regime on mining cost price in sri lanka 2024 02 11T06 02 39 00 00 Zambia tax regime unsustainable for mining sector Sep 23 2024 Under the new regime the effective tax rate for Zambian miners could be over 105% if the copper price surpasses $9 000/t says the report LEARN MORE About the tax regime in Zambia At high copper prices this would result in the extraordinary
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Muvingi and Mugadza Legal Practitioners Member of Alliott Global Alliance 1 530 followers on LinkedIn Local Expertise Global Reach Muvingi Mugadza Legal Practitioners is a distinguished Law firm registered with the Law Society of Zimbabwe whose expertise and practice has continually expanded and evolved over the years in conformity with client s requirements
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Zambia Chamber Of Mines 1 283 followers on LinkedIn The Zambia Chamber of Mines ZCM is an association for mining and allied companies with a Mission of advancing the interests of its members local communities the country and all stakeholders whilst promoting sustainable and responsible mining
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Nov 20 2020The ruling is a blow to Vedanta which has been locked in a legal battle since the Zambian government which owns 20% of KCM through state mining investment firm ZCCM IH handed control of the business to a liquidator in May 2024 06 Jan 2024 PM IST Vedanta wins Zambian appeal in Konkola Copper Mines case
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Jun 14 2021Under the current regime the effective tax rate for Zambian miners could be over 105 percent if copper price surpasses US$9 000 per tonne Mining accounts for more than 70 percent of Zambia s foreign exchange earnings Visits 1145 Today 1 Total 4734570 Share this article on
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The object of this Bill is to amend the Income Tax Act so as to— introduce a presumptive tax on income earned from artisanal and small scale mining at the applicable turnover tax rate based on the gross turnover less mineral royalty paid l reduce presumptive tax to fifteen percent from twenty five percent on land based brick and
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The ESG Exchange is a new global independent venture whose founding patron is Mervyn King SC I was very honored Mervyn asked me to chair its Board of Directors
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May 22 2021Since the new Zambian mining tax regime came into effect in January 2024 mineral royalty payments have not been treated as a deductible expense when calculating corporate income tax with income taxed at the rate of 30% a year for the base and industrial minerals miners
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