Mining tax - Copperbelt Katanga Mining

2021, mining royalties from Lualaba and Haut-Katanga valued at nearly USD 650 million in the DRC 1

The royalties contribution of the mining industry to the economy of the Democratic Republic of Congo (DRC) was strong during the year 2021, welcomed Mr. Louis Watum Kabamba, President of the Chamber of Mines of the Federation companies of the Congo (FEC). During a press conference organized on Friday, October 21, 2022, at the Fleuve Congo Hotel, in Kinshasa, Mr. Louis Watum indeed indicated that the sum of 647,208,290 USD was paid to the Public Treasury, solely by the mining industry established in the two provinces of the country, namely… Read More Here

Mining in DRC Mining tax

The first half of 2021, mining royalties from Lualaba and Haut-Katanga are valued at nearly USD 650 million

October 23, 2022October 23, 2022 arnbethnic

The contribution of the mining industry to the economy of the Democratic Republic of Congo (DRC) was strong during the year 2021, welcomed Mr. Louis Watum Kabamba, President of the Chamber of Mines of the Federation companies of the Congo (FEC). During a press conference organized on Friday, October 21, 2022, at the Fleuve Congo Hotel, in Kinshasa, Mr. Louis Watum indeed indicated that the sum of 647,208,290 USD was paid to the Public Treasury, solely by the mining industry established in the two provinces of the country, namely Lualaba… Read More Here

Mining in DRC Mining tax Oil & Gas Taxes

DRC: nearly USD 5.8 billion collected in taxes, duties, fees and royalties from mining and oil companies between 2018 and 2019

January 28, 2022January 28, 2022 admin

Between 2018 and 2019, mining and oil companies operating in the Democratic Republic of Congo (DRC) paid the public treasury in taxes, duties, fees and royalties, a total amount estimated at 5,849,113,365.66 billion. U.S. dollars. This is what the statistical yearbook of the Democratic Republic of Congo reports in its publication for the year 2020. According to this report, during this period under analysis, mining companies paid the Congolese State a sum of 5,456,810,153.31 billion US dollars, i.e. 2.9 billion USD paid in 2018 and 2.4 billion USD in 2019.… Read More Here

Taxes Mining in Zambia Mining tax

What do next year’s changes to the mining tax regime actually mean for Zambians?

November 30, 2021November 30, 2021 admin

Making Zambia a more attractive destination for investment is the number one shared priority of Zambia’s brightest financial brains. Investment in the country’s mining sector, in particular, has the enormous potential of putting Zambia back on a growth trajectory, with the direct economic benefits from new and expanded mining operations second only to the economic multiplier effects that can support and sustain generations of upwardly mobile Zambians, when the environment is right. Experts agree: Harnessing the potential of this critical sector requires that Zambia urgently implement global best practices, without… Read More Here

Mining in Zambia Mining tax

Zambia announces mining tax breaks, pares deficit in 2022 budget

October 30, 2021October 30, 2021 admin

Zambia announced tax breaks for mining companies, drastically cut its budget deficit target and said it expects to conclude debt restructuring talks with creditors early next year. Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won power in August elections. He didn’t announce changes to the royalty rates. In 2019, the nation implemented the 10th change to the tax regime in 16 years. The mining industry’s lobby group had complained for years that not being… Read More Here

Mining in Zambia Mining tax

ZAMBIA’S MINING TAX OVERHAUL IMPRESSES FQM

October 30, 2021October 31, 2021 admin

The new UPND government’s plan to rationalise the mining tax regime to attract investment and boost production has been welcomed by the country’s largest taxpayer, First Quantum Minerals (FQM). The 2022 Budget – under the theme ‘Growth, Jobs and Taking Development Closer to the People’ – presented to Parliament on Friday (October 29, 2021) by Minister of Finance and National Planning Dr Situmbeko Musokotwane unveiled a key revision to the Zambia mining tax regime; namely the return to the approach followed by other global mining jurisdictions which enables companies to deduct… Read More Here

Mining in Zambia Mining tax

Zambia is reviewing mining tax framework, minister says

October 7, 2021October 7, 2021 admin

Zambia’s mines minister said on Wednesday that the government had been reviewing the mining tax framework with key stakeholders to design a regime that would be stable, predictable and competitive. “This will also attract both local and foreign investment in mining and ultimately scale up mineral production in the country,” Minister Paul Kabuswe said in the parliament of Africa’s second-largest copper producer. The mining industry is key for heavily indebted Zambia, accounting for 10% of the country’s GDP and more than 70% of its foreign exchange earnings. Kabuswe, appointed last month by recently elected President Hakainde… Read More Here

Mining in Zambia Mining tax Taxes

Putting windfall tax to work for Zambia

July 18, 2021July 18, 2021 arnbethnic

Using a mining-related tax windfall to pay off some debts is Zambia’s best move, say experts The Zambian Government’s collection of ZMW 40.1 billion in revenue and grants between January and May 2021 has been welcomed by the Secretary to the Treasury, which noted last month that the sums collected are “an impressive 43 percent above projections.” Substantial increases in income tax receipts, and VAT, were driven by increased payments by mining companies, according to the Treasury. The single most outstanding contribution from the mining sector came in the form… Read More Here

Mining tax Governance Mining in DRC Taxes

Mineral Royalty in DRC Marred by Many Irregularities

June 22, 2021June 22, 2021 arnbethnic

Mining royalty in the DRC marred with minimum actions, payments unknown to the public, transparency suspicions, management leaves much to be desired in ETDs in greater Katanga The mining royalty is undoubtedly the delight of the Decentralized Territorial Entities (ETD) which house mining companies exploiting copper and cobalt in the former Katanga. This is an innovation of the 2018 reform of the 2002 mining code. However, despite the improvements brought about by this law, transparency in the management of the funds of this precious sesame poses a problem while this… Read More Here

Mining tax Mining in Zambia

Zambia implored to make tax changes

June 14, 2021June 14, 2021 admin

Zambian government has been urged to address impediments to investment inflows and production growth, and to guarantee stable tax policies. Zambia Chamber of Mines president Dr Godwin Beene this week said it was imperative to rectify negative investor perceptions of the mining sector in the country. “Our sector, like any other sector that thrives on engagement with foreigners, is sensitive to public perception. Since the year 2000, when Zambia’s investment policy changed, the new mining sector has been battling a bad press leading to Government putting various measures in place… Read More Here