KALABA PLEDGES TO REVISE MINING TAX REGIME TO PLUG REVENUE LEAKS.
Opposition Citizens First (CF) President Harry Kalaba says his party will revise the mining tax regime introduced by the New Dawn administration if elected.
Mr. Kalaba says research indicates that Zambia loses up to US$3 billion annually through mining tax avoidance, profit shifting, and excessive tax exemptions.
He notes that the lost revenue could be used to build industries, factories and create thousands of jobs.
He adds that in 2022, Zambia borrowed US$1.55 billion from the International Monetary Fund (IMF), a figure he says could have been covered by collecting just half of the revenue currently lost in the mining sector.
Mr. Kalaba states that CF will revise tax incentives in the mining sector, not to discourage investment, but to ensure the country secures fair returns for its natural resources.
He explains that by adjusting the mining fiscal regime to capture even a fraction of the lost revenue, Zambia could fund industrial parks for steel fabrication, agro-processing and battery manufacturing.
Mr. Kalaba further says that as long as the country continues exporting raw materials without closing financial leakages in the mining sector, other countries will continue to benefit more from Zambia’s resources.
He has emphasized that real value lies in building local industries that process and manufacture minerals, as this will keep wealth in the country and benefit citizens.
By Michael Himusa Jnr
Which mine is he going to tax when the. Mines were closing? KCM was closed and being liquidated, MCM was non productive, other mines were folding up. Now he wants to convince us that he has a better and workable plan for the mines that he has seen revenue being collected from the mines because of stable mining policies! It will be a disaster and Zambia will be on its knees again.