Zambia sees mining revenue rising on higher copper price

Reuters | January 11, 2018 | 10:36 am Base Metals Africa Copper

LUSAKA, Jan 11 (Reuters) – Zambia expects to collect more revenue from mining companies this year compared to 2017 after copper prices rose above $7,000 per tonne, the revenue authority (ZRA) said on Wednesday.

ZRA Commissioner-General Kingsley Chanda said at a media briefing the authority was targeting a revenue-to-GDP ratio of 17 percent this year, higher that 16.8 percent in 2017.

“The copper price is having a very positive impact,” Chanda said.

“The provisional income tax returns that have so far been submitted are showing that they are going to make profits.”

Chanda said the tax authority collected net revenue amounting to 39.1 billion kwacha ($54.60 million), which was 4.1 percent above the annual budget target of 37.6 billion kwacha.

The 2018 net revenue target had been set at 44.6 billion kwacha, he said.

($1 = 716.1300 kwacha)

(Reporting by Chris Mfula; Editing by Joe Brock)