You are here

Category: Taxes

Zambia Revenue Authority Exceeds Q1 Revenue Target 1 Mining in Zambia Economy Taxes 

Zambia Revenue Authority Exceeds Q1 Revenue Target

Constance0 comment
The Zambia Revenue Authority (ZRA) has reported a revenue collection of 28.4 billion kwacha in the first quarter of 2024, surpassing the targeted 28.1 billion kwacha by 339 million kwacha. ZRA Commissioner General, Dingani Banda, disclosed this in Lusaka today during a presentation at the Economics Association of Zambia (EAZ) Summit, delivered on his behalf by ZRA Acting Commissioner for Business Facilitation, Richard Kapasa. Mr. Banda outlined that ZRA aims to collect 125.3 billion kwacha through various taxes this year, marking a 21.5% increase from last year’s collection of 103… Read More Here
Rio Tinto's Global Tax and Royalty Contributions in 2023 2 International Mining tax Taxes 

Rio Tinto’s Global Tax and Royalty Contributions in 2023

Constance
Rio Tinto, a diversified mining company, reported substantial tax and royalty payments totaling $8.5 billion worldwide in 2023, with the majority allocated to Australia, where it conducts nearly half of its global operations. Compared to the $10.8 billion paid in 2022, which included $1.5 billion in Australian corporate tax payments related to previous years, the 2023 figure reflects a decrease. In Australia, tax and royalty payments amounted to $6.6 billion in 2023, inclusive of $4.1 billion in corporate tax payments. Additionally, Rio Tinto disbursed significant sums in Canada ($601 million),… Read More Here
Local First Policy Drives Barrick’s Procurement Practices 3 Mining in Zambia Copper Economy Gold Taxes 

Local First Policy Drives Barrick’s Procurement Practices

Constance
The Lumwana copper mine has purchased approximately $4.3 billion in goods and services from Zambian registered businesses since it went into production, in line with Barrick Gold Corporation’s (NYSE:GOLD)(TSX:ABX) local procurement and economic development practices. President and chief executive Mark Bristow said Lumwana’s local procurement expenditure in 2022 was $432 million, out of a total of $520 million, which represents 83% of the mine’s total procurement spend. Since 2019, when Barrick was reconstituted following its merger with Randgold Resources, local expenditure has increased year on year. Additionally, all Lumwana’s copper… Read More Here
DRC's President Urges Stronger Tax Control to Boost Revenue 4 Mining in DRC Economy Taxes 

DRC’s President Urges Stronger Tax Control to Boost Revenue

Constance
During the ninety-ninth meeting of the Council of Ministers held on Friday, May 19, 2023 in Kinshasa, the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, instructed the Congolese Government to strengthen tax control, with assistance from the General Inspectorate of Finance (IGF), to increase public revenue during this fiscal year. President Tshisekedi has asked all members of the Government to spare no effort to take the necessary measures likely to increase revenue mobilization for the current financial year. According to information from the Minister of Communication and… Read More Here
New effort maps taxes and fees to increase transparency in Congo's artisanal cobalt supply chain 5 Mining in DRC Artisanal mining Cobalt Taxes 

New effort maps taxes and fees to increase transparency in Congo’s artisanal cobalt supply chain

Constance
Studies show that heavy taxes and complex administrative burdens encourage extortion, smuggling, and debt bondage. IMPACT is launching a new project tackling corruption in Democratic Republic of Congo’s (DRC) artisanal cobalt sector with an effort to map all the taxes and fees supply chain actors are legally required to pay. The Mapping Payments project, which is implemented in collaboration with the Congolese non-profit Action pour la Défense des droits humains (ADDH), kicked off last month with a workshop in Kolwezi, Lualaba Province—the town at the heart of DRC’s artisanal cobalt mining sector.… Read More Here
DRC to Introduce two new Laws to Increase Tax Revenues from the Oil industry to $450M Annually 6 Mining in DRC Oil & Gas Taxes 

DRC to Introduce two new Laws to Increase Tax Revenues from the Oil industry to $450M Annually

Constance
The decree on eligibility criteria and methods for calculating losses and shortfalls (being finalized) and the one on the methods for fixing the price of diesel sold to mining companies in the southern zone (signed recently) will allow the Congolese Government to save nearly 157 million on the oil subsidy and the improvement of the taxation of the oil sector for an envelope estimated at 450 million USD/year, or 4% of the current revenue of the Central Power Budget. The Acting Minister of the National Economy, Nicolas Kazadi, indicated, during… Read More Here
DRC Kibali Gold Mine Paid USD 1.2 Billion in Various Taxes and Royalties in 2022 7 Gold Mining in DRC Taxes 

DRC Kibali Gold Mine Paid USD 1.2 Billion in Various Taxes and Royalties in 2022

Constance
2022 has been a very positive year with strong quarter-on-quarter results for Kibali Gold Mine, one of the largest gold mines in Africa. During this year, the investment of Kibali Gold Mine in the Democratic Republic of Congo (DRC) exceeded the bar of 4.4 billion USD. And 1.2 billion USD was paid for various taxes and fees. This was announced by Mark Bristow, Chairman and CEO of Barrick Gold, during the 47th press conference held on Monday, January 30, 2023, in Kinshasa. According to him, nearly 2.4 billion USD was used to… Read More Here
ZRA challenged to settle Mopani’s $110 million in VAT refunds 8 Mining in Zambia Taxes 

ZRA challenged to settle Mopani’s $110 million in VAT refunds

Copperbelt Katanga News
The Zambia Revenue Authority – ZRA has been accused of selective payments of tax refunds after it emerged that some foreign owned mines Value Added Tax – VAT refunds liabilities are being paid off regularly while that of locally and state-owned mines such as Mopani Copper Mines are not being given the same treatment. The Zambian Business Times – ZBT has received information that ZRA owes Mopani Copper Mines about $110 million in VAT – refunds, but the rate at which ZRA is refunding the ZCCM IH majority owned mine… Read More Here
No VAT collection on 38 basic necessities until April 2023 in DRC 9 Economy Mining in DRC Taxes 

No VAT collection on 38 basic necessities until April 2023 in DRC

arnbethnic
After the Government of the Democratic Republic of Congo decided, on April 15, 2022, to suspend the collection of VAT on thirty-eight (38) basic necessities over a period of six months, the deadline has just expired. be pushed back to April 2023. According to a press release published by the Chief of Staff of the Prime Minister, Jean-Michel Sama Lukonde, the latter signed, on Saturday October 15, 2022, two Decrees suspending the collection of Value Added Tax (VAT) on certain products. first need. In accordance with these two Decrees of… Read More Here
Here is the list of 14 taxes abolished in DRC and 20 other taxes affected by the reduction in their rates 10 Mining in DRC Governance Taxes 

Here is the list of 14 taxes abolished in DRC and 20 other taxes affected by the reduction in their rates

arnbethnic
The Government of the Democratic Republic of Congo (DRC) has decided to abolish 14 fiscal levies (taxes) and to lower the rate for 20 other import and export taxes. It is indeed a response adapted to the urgency of improving the business climate in a context of multifaceted crises due, among other things, to the effects of the Covid-19 pandemic and the harmful repercussions of the Russian-Russian conflict. Ukrainian. In their efforts, the Congolese authorities intend to make the Congolese economy more competitive and attractive in the sub-region in order… Read More Here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Copperbelt Katanga Mining will use the information you provide on this form to be in touch with you and to provide updates and marketing.