Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Zambia Revenue Authority (ZRA) said on Friday an audit shows mining companies owe the government more than the state is due to pay them in tax refunds.
Mining companies have been demanding Zambia pay the $550-$600 million due to them in Value Added Tax (VAT) refunds.
“You find that on the balance of numbers they are actually owing more”
“When we put together what we owe the mining companies compared with what they are owing, you find that on the balance of numbers they are actually owing more,” ZRA Commissioner-General Kingsley Chanda said at a media briefing.
Chanda did not say how much mining companies owed the state but said it included penalties and interest. Mining companies pay government royalties and tax.
(Reporting by Chris Mfula; Editing by Joe Brock)
