Government says it collected over K600 billion in taxes from copper exports in 2009, Parliament heard today. Mines Deputy Minister Boniface Nkhata told parliament that government realized over K234 billion from mineral royalties and over K394 billion in company tax.
He told the House that no revenue was collected from copper ore exports in 2008 as no copper ore was exported during this year due to the effects of the global financial crisis.
Mr Nkhata however, disclosed that a total revenue of over K169 million was collected from the export of copper ores and concentrates in 2009. He further said that in 2008 revenue of over K268 million was collected from exports of copper concentrates.
Mr Nkhata was responding to a question by Kanchibiya Member Parliament Davis Mwango who wanted to know how much money was raised from the export of copper and how much the Government collected in taxes from the exports in 2008 and 2009.
ZANIS
And PF trolls have been feasting on the ignorance of pro socialist utopia of Sata that GRZ has not put up any form of taxation on mines investments. PF and its illiterates thrive on nkani yamukachasu when bachakolwa meet for gossip. Re-nationalism of business entities at this level of Zambian economic transformation is pure fool’s utopia preserved for PF kaponyas.Its not for the realists.
K6bn = $100 million.
Out of a $4000 million industry.
Come on Zambia,we can do better, we can earn more than that from our copper, can’t you see?Wake up Zambia.We are a sleeping giant.
Bloggers in Zambia tell us how the economy is doing back home in Zambia and how much is the unemployment now
1 are you not worried with crowds that are following Sata; infact it is the kaponyas who vote,, it is not the ilite like you who vote , and they dont even see what you write on the blogg the numbers Sata gathers tells a big story
MrK,
We had the profitable mines grabbed from the private sector to form ZCCM. Though you are unfortunate a Zimbabwean by both parents, be a man enough to post here the MC curve and realized value of ZCCM of which Sata was party of and HH played an active role to privatize RAMCOZ. By 1988 show us the cost of running these mines under Government. Show this blog when last time Government ever recorded revenue from the mines. Why ZCCM kept thriving on tax payers funds to artificially survive? Why did Sata passionate vote to sell the mines and insulted KK for renationalizing it?
#6 Mr Sata is a circus with whom people should not even fathom the idea of him coming close to Plot One – unless the sole purpose is to delete Zambia from the world map. The lost souls that are feeding him the illusion of a possibility are equally warped. With regard to copper revenue, my main problem is that I strongly suspect that mine companies are deliberately under-reporting their profits. Do we have systems in place – eg our former SITET to ensure that we are taxing true profit? For a $4B industry (if #2 is correct) at an EBIT of 25% we would be talking of $1B. I don’t know how much income tax is, but if we assume 30% that would give the Govt. $300 Million or ~ K1.5 trillion. That is my concern.
Why is it that nothing is mentioned about the money collected through Windfall Tax as well was that Windfall Tax which is still remaining to be paid to Government by the Mining Companies?
Sadly, Mr President and MMD acting-president Rupiah B Banda was once quoted as saying that government did not get anything from the Windfall Tax since its introduction.
Anyway, all the best to the UPND Group in their quest to form GRZ next year after the 2011 tripartite elections.
Be blessed all;
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Matt 6:33 But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you.
Veteran, UPND 2011 presidential candidate HH in GRZ and private media rejected that he ever participated in privatising RAMCOZ in light of your “Though you are unfortunate a Zimbabwean by both parents, be a man enough to post here the MC curve and realized value of ZCCM of which Sata was party of and HH played an active role to privatize RAMCOZ” and so please give evidence that HH was actively involved in RAMCOZ’s privatisation on here or in the GRZ media.
By the way, your misguided Minister Dora Siliya has up-todate failed to substantiate her and your claim after president HH challenge you MMD characters to give more details of your claim.
Be blessed all.
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Matt 6:33 But seek ye first the kingdom of God and His righteousness and all these things shall be added…
#9 Rejecting his alleged role in the privatization of RAMCOZ does not mean that HH did not participate in the privatization of other companies from where he personally benefited at the expense of Zambians some of whom died due to loss of income. He should come out clean on his role. He wants to be president of Zambia and therefore, when allegations are made, he needs to clarify. He may actually be worse than Kafupi – but just used other methods to plunder the country.