Taxes - Copperbelt Katanga Mining

What do next year’s changes to the mining tax regime actually mean for Zambians? 1

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

Economy Mining in DRC Taxes

Nicolas Kazadi delighted with the receipts achieved of 445 million USD in August- DRC

September 6, 2021 admin

Nicolas Kazadi presented Friday to the Council of Ministers the state treasury situation for the month of August 2021. In terms of revenue, 891.6 billion CDF were collected over the period, or 445 million USD. “Which is exceptional for this month of August, a month which has always recorded the weakest results in previous years”, said the Minister of Finance. Compared to the budget allocations for the month of August 2021, an achievement rate of 129% emerged. He explains this performance by consolidating the momentum for increased revenue mobilization. According to… Read More Here

Gold Mining in DRC Taxes

DRC: Deputy Minister of Mines launches workshop for the Tax reform project in artisanal gold sector

August 18, 2021August 18, 2021 admin

The Deputy Minister of Mines, Godard Motemona launched this Tuesday, August 17, 2021 at the Grand Hotel in Kinshasa, the workshop on the project of tax reform in the artisanal gold sector in the DRC, organized by the NGO Impact with the support of German Cooperation. The objective of this work is to promote a fruitful exchange on the activities carried out in the field in relation to the traceability of gold in Ituri called “Fair Gold” and to explain the content of the project “Tax reform in the gold… 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 in DRC Mining Companies Taxes

Mining companies in Lualaba pay 1.1 billion USD in terms of taxes and royalties

July 12, 2021July 12, 2021 admin

Thirty-nine mining companies based in Lualaba province paid a total of US $ 1.1 billion from June 2018 to June 2021, according to statistics from the Ministry of Mines. According to the source, the equivalent of US $ 1,158,096,167 was paid. According to the provisions of the mining law, 50% of this amount was allocated to the central power, ie USD 579,048,083; 25% of the total amount to Lualaba province, i.e. 289,524,042 USD and 15% to Decentralized Territorial Entities (ETD) (173,714,425 USD) and 10% to the Mining Fund for Future Generations… Read More Here

Mining in DRC Covid-19 Mining Companies Taxes

DRC: Glencore paid the state $ 424 million in taxes, royalties and other payments in 2020 (report)

July 12, 2021July 12, 2021 admin

The industrial mining company Glencore present in the Democratic Republic of Congo (DRC) has paid 424 million US dollars to the Congolese government in terms of taxes, duties and royalties. In its report released last weekend, mining giant Glencore said it allocated US $ 331 million in capital spending last year. The same report states that Glencore’s activities have provided employment for 14,500 employees and contractors. It emerges from this report that the set of payments made in 2020 is much lower than the 843.407 million USD paid on behalf… Read More Here

Mining in DRC Taxes

DRC-Rwanda: three cooperation agreements on investments, taxation and mining

June 28, 2021June 28, 2021 admin

The Democratic Republic of Congo and Rwanda signed on Saturday June 26 at the Serena Hotel in Goma three cooperation agreements. It was on the sidelines of the visit of Rwandan President Paul Kagame to Goma at the invitation of his Congolese counterpart, Félix Tshisekedi. The first government agreement concerns the promotion and protection of investments. It was signed by the foreign trade ministers of the two countries, reports the Presidential Press. The second agreement is an agreement between the two countries in order to avoid double taxation and prevent tax evasion… 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 in Zambia Taxes

Zambia at odds with copper miners over new tax regime

May 22, 2021May 22, 2021 admin

Zambia’s new tax regime has resulted in significantly higher royalty bills than in the past, pitting the nation against copper mining companies. Zambia is Africa’s second-largest copper producer, behind only the Democratic Republic of the Congo. As of 1552 GMT, the London Metal Exchange three-month copper price was trading at $10,406.50/mt ($4.72/lb), up from a record high of $10,747.50/mt on May 10. The price was $5,249/mt a year ago when the COVID-19 pandemic first struck. Zambia uses a sliding scale to determine its mining royalty rate for copper, linked to… Read More Here

Mining in Zambia Taxes

Zambia’s president provides assurances to mining investors

May 6, 2021May 6, 2021 admin

Zambia’s president, Edgar Lungu, promised mining investors on Thursday that his country would create a more streamlined tax administration system to make it easier for them to do business. Zambia’s mining tax regime has been a thorny problem since the privatization of mines in the early 1990s, said Edgar Lungu in a speech read on his behalf by his deputy Inonge Wina. Speaking in the capital Lusaka during the opening of a mining sector indaba (conference), the president said: “My government is determined to take significant steps to resolve policy… Read More Here