Finance Minister Alexander Chikwanda says DBZ has an important role to play in encouraging more investment among Zambians.
Mr. Ckikwanda said this is why government would strive and ensure that it increases the budgetary allocation to the bank if many people are to benefit.
Speaking during the ACCA 2012 Budget Analysis programme on ZNBC TV last night, Mr. Chikwanda stated that the Patriotic Front government is interested in seeing that a lot of sectors that can foster economic development are revamped.
He further acknowledged that the budgetary allocation for DBZ in the 2012 national budget is inadequate hence government will engage various stakeholders to raise enough revenue for the bank.
And Mr. Chikwanda has maintained that government will not re-introduce the windfall tax for mining companies.
The Finance Minister said the government’s decision not to bring back the tax is in line with protecting investment in the mining sector that employ more than 40,000 Zambian miners.
Mr. Chikwanda explained that the increase in mineral royalties’ tax is sufficient enough for government to raise resources to run and boost the country’s economy.
Mr. Chikwanda added that government‘s decision to hike the mineral royalties’ was in order to create a win-win situation to ensure that investment is not lost in the mining sector but rather encouraged.
He said to this effect, both mining firms and government will benefit from improved metal prices on the international market.
Mr. Chikwanda has since assured Zambians working for the mines that government would ensure that they are part of the economic growth in the sector through improved conditions of service.
He further explained that if workers in the mining sector are paid well, government would be able to increase its revenue base through various taxes such as Value Added Tax and the Pay As You Earn (PAYE).
Finance Minister Alexander Chikwanda last Friday presented the 2012 national budget were he proposed an increase in the mineral royalty tax and other corporate taxes instead of re-introducing the windfall tax.
[ZANIS]
Not related, but why does Godfrey Miyanda go into hybernation after elections? Is he really interested in becoming a presido or its just a game to him! Its not fair on his friends who actively provide checks and balances for five years and work hard to run their parties. He’ll resurface again 2016, lets not give him even a single vote!!
I asked the same question and was told that apparentely the is a donor (EU I think) who in the spirit of promoting democracy gives every register president K100 million(figure not verified) therefore people like Nawakwi, Miyanda rustle enough people and cash just to register and still make a net profit. Its a business bane!
Balwele ! Herpes Zoster scar on the face
Is it not the institution where Bob Sichinganga borrowed heftily and up to now has not honored the debt?
Ba Alexander Chikwanda; you must also investigate the negligience and shoddy operations by Former MD and relative of the government. Dr Bwalya Ngandu failed miserable at DBZ; and you go an appoint him Deputy Governor Operations at BOZ. Kanshi all one has to be is Bemba and related to you and all sins are washed away? So many commisions of enenquiry – senseless but lets see you set up one for DBZ….
Mr. Chikwanda seems to be working. Where is Shamenda mwebantu? pipo are waiting for the minimum wage.
THATS THE WAY TO GO ALOS INTRODUCE NATIONAL AIRLINE
How is this money used. You dont just keep putting money into a bottomless pit. Is DBZ economically viable. We dont hear other banks being recapitalised year in year out.
14Nov2011 – Bob Sichinga: Govt may re-introduce windfall tax
15Nov2011 – Guy Scot: Govt will not re-introduce Windfall tax
16Nov2011 – A Chikwanda: No cabinet memo. Cabinet will take time to study the issue then make a decision on windfall tax
17Nov2011 – A Chikwanda: maintained that government will not re-introduce the windfall tax for mining companies.
The Finance Minister said the government’s decision not to bring back the tax is in line with protecting investment in the mining sector that employ more than 40,000 Zambian miners.
What exactly is Govt position on Windfall tax?
The official govt position on the windfall tax is that govt has no official position on the issue. Govt does not understand anything n running govt
if DBZ was run to the ground before, what is going to be different now since it will be run by the same people who brought it down – going round in circles. These are the same ministers who brought Zambia to it’s knees in KK’s reign – they failed miserably then…….yaba!
Shamenda is dead wood! He is not proactive and is not creative. He is docile and must be retired! At labour department, we need a minister who is going to set up labour unemployment data from unemployed Zambians. These centres must be in all districts and in large places like Lusaka, in all areas where people frequent, including in shopping malls. At these centres, those looking for jobs, they will ender their details on computers and all employers will be forced to access these records and contact the applicants via the labour office. Of course all employers will have skills records as checked by the Labour Office. We must be smart in order to get our citizens employed in their lives.
Zikomo.
@ Ice road trucker, look at the word “may”. God bless.
How many times are you going to BAILOUT these failing companies??? Been bailed out for the 100th time now! lol
We are only hoping for better pay and less taxes.