Zambia’s Tax Hike Plan Will Ruin Economy – Mining Firms

Enterprise Television – Zambia’s Tax Hike Plan Will Ruin Economy – Mining Firms

Zambia’s mining firm has confirmed the Government’s tax increases proposed in the 2019 budget will break the back of the economy, with some mining companies already putting on hold expansion plans.

According to report, the budget was presented last week.

“More tax regime instability, massive increases, and novel taxes not seen anywhere else in the world, will hurt the mining industry.

”It will maim all those who rely on it’s for success,” Zambia Chamber of Mines President, Nathan Chishimba, said in a statement.

Meanwhile, Zambia last Friday revealed it will introduce new mining duties and increase royalties to help bring down mounting debt.

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