Mining tax - Copperbelt Katanga Mining

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

DRC: Jean-Pierre Kiwakana calls for transparency in the management of mining revenues

June 3, 2021June 6, 2021 admin

During the closing ceremony of the April 2021 session, held on Tuesday, June 1 at the People’s Palace, the President of the Economic and Social Council (CES), Jean-Pierre Kiwakana Kimayala, appealed to the government for transparency in the management of mining revenues, especially since mining is a sector likely to boost the development of the Democratic Republic of the Congo. “The CES in its recommendations on the mining sector, encourages sustainable local development from the transparent and adequate management of mining revenues generated by the mining royalty, the 0.3% allocation… Read More Here

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FQM DISCLOSES $850 MILLION IN CONTRIBUTIONS TO ZAMBIA IN 2020

May 31, 2021May 31, 2021 arnbethnic

SOLWEZI, ZAMBIA – Zambia’s largest taxpayer, First Quantum Minerals (FQM), paid more than US$850 million in taxes, royalties, duties and fees to the Zambian government, along with community and infrastructure expenditure in 2020. To put it into perspective, the contribution paid to Zambia represents 78% of the entire contribution FQM paid globally. The company also has operations in Australia, Finland, Mauritania, Panama, Spain and Turkey, as well as exploration prospects in a number of other countries. The figures were disclosed through FQM’s annual Tax Transparency and Contributions to Government Report. Originally… Read More Here

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DRC: Sokimo demands renegotiation of its association contract with Kibali Gold

May 13, 2021May 14, 2021 admin

Sokimo declares itself the loser in its joint venture with its partner Kibali Gold. This is how it asks the Congolese Government to be protective by requiring this partner to sit down around a table to renegotiate a new contract that is more equitable, lasting and mutually advantageous. The leaders of this state mining company came out of their silence and expressed their demands during a press conference held this Tuesday, May 11, 2021, at the Circle of Kinshasa. Sokimo wants to renegotiate the contract with Kibali because of the… Read More Here

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DRC’s Minister of Mines and the EITI coordinator review the payroll situation of the mining royalty due to the Public Treasury and ETDs

March 15, 2021March 15, 2021 arnbethnic

The Minister of Mines, Willy Kitobo discussed this Thursday, March 11 with Jean-Jacques Kayembe, Coordinator of the EITI-DRC (Initiative for transparency in the extractive industries). Mr. Kayembe was accompanied by the consultant recruited to shed light on the payments by all parties of the mining royalty due to the Public Treasury, to the provinces, to ETDs and to the Mining Fund for Future Generations (FOMIN). “During this hearing, Mr. Jean-Jacques Kayembe, EITI-DRC coordinator presented to the Minister of Mines the consultant who had been recruited to carry out a monitoring mission… Read More Here

Mining in DRC Mining tax Taxes

DRC government opts for a “reverse charge accounting VAT” for miners

September 14, 2020September 14, 2020 arnbethnic

The Council of Ministers of Friday, September 11 lifted the option, with regard to mining companies, for a “ reverse charge accounting VAT” on imports. Henceforth therefore, the import VAT of the miners will just be recorded at the customs level without the operators being able to pay it. “Regarding the suspension of the collection of import VAT, the government is proposing a switch to an accounting VAT for reverse charge. The mechanism would allow mining companies to no longer pay VAT to Customs but to indicate it on their tax declarations, ”said… Read More Here

Mining in DRC Mining tax

Miners raise the problem of VAT refund to Félix Tshisekedi- DRC

September 12, 2020September 12, 2020 admin

The demands of a number of issues that hamper the proper functioning of the mining industry in the Democratic Republic of the Congo were reviewed during a working session which brought together around the President of the Republic, Félix-Antoine Tshisekedi Tshilombo, the Prime Minister, Sylvestre Ilunga Ilukamba, mining operators, some members of the government and the governor of the Central Bank of Congo. The Minister of Mines, Willy Kitobo told the press at the end of the meeting, that it was essentially a question of discussing subjects that upset the… Read More Here

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Zambia Chamber of Mines reiterates their position on MRT

August 24, 2020August 24, 2020 arnbethnic

After the Zambia Revenue Authority Commissioner-General Kingsley Chanda said the Chamber of Mines should not alarm the nation by issuing false statements on Mineral Royalty Tax. The Chamber of Mines says it will stand by what it earlier stated that the Mineral Royalty Tax dropped by 12 percent and not the six percent announced by the Zambia Revenue Authority. Responding to a press query, Chamber president Goodwell Mateyo said the chamber stood by its position. “I believe the Commissioner-General was referring to a report produced by the Chamber of Mines.… Read More Here

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FEC denounces the detention of economic operators following inquiries into compensation for import duties and taxes

August 23, 2020August 24, 2020 Arnie

The president of the Federation of Congo Enterprises (FEC), Albert Yuma, in a correspondence on August 18, 2020, wrote to the Attorney General at the Court of Cassation to denounce the detention of economic operators in the context of the rights compensation file. and import taxes. “We have recently witnessed a wave of arrests of which economic operators are subject, which are systematically followed by detentions by the courts, for offenses in the context of compensation for operations linked to claims of companies on public authorities with those relating to… Read More Here

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FQM CALLS ON NGOs TO ‘GET IT RIGHT’ ON MINING SECTOR’S CONTRIBUTION TO DEVELOPMENT | ZAMBIA

August 15, 2020August 16, 2020 Arnie

Zambia’s largest taxpayer, First Quantum Minerals, has called upon non-corporate actors to better acquaint themselves with the mining sector’s contribution to community development. The mining company said that inaccurate reports from some non-governmental organisations (NGOs) have been misleading and constitute the spreading of ‘fake news’. Such reports have the potential to unfairly damage reputations, and also tarnish their reputations as being the flag bearers of good governance/honest brokers. “We work hard to leave a lasting and positive legacy everywhere we work. Our corporate values dictate that we devote considerable resources… Read More Here