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Category: Taxes

Intergovernmental forum 111 International Mining in DRC Mining in Zambia Taxes 

Intergovernmental Forum calls for resource taxation re-evaluation

arnbethnic
The Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) has launched the Future of Resource Taxation, a new initiative aiming to improve the way governments collect revenue from the mining sector, specifically in developing countries needing to rebuild public finances in the wake of covid-19.  “The goal is to re-evaluate and improve the fiscal regimes governing the mining industry, which tend to be complex and difficult for governments to administer, especially in developing countries,” says Alexandra Readhead, IGF’s Lead for Tax and Extractives. Almost half of the senior decision-maker… Read More Here
Glencore Taxes Economy Mining in DRC Mining tax 

Glencore paid DRC Govt $614-million in 2019

arnbethnic
Diversified miner Glencore made payments of $7.7-billion to the governments of countries in which it operates in 2019. This includes $614-million paid to the Democratic Republic of Congo’s government in taxes, royalties and other payments.   Glencore paid Argentina $21.6-million, Australia $1.6-billion, Bolivia $10.9-million, Cameroon $5.3-million, Canada $51.4-million, Chad $88.6-million, Chile $235.6-million, Colombia $291.7-million, South Africa $96.6-million, Equatorial Guinea $65.9-million, Kazakhstan $414.2-million, Peru $417.1-million and Zambia $11.6-million. Thirty per cent of these payment contributions went towards adjusted effective tax rates, while $5.2-billion was paid in salaries, wages, social security and other… Read More Here
First Quantum Corporate social responsibility Mining tax Taxes 

First Quantum backs calls for mining communities to benefit from industry taxes

arnbethnic
First Quantum Minerals (FQM) supports a call from civil society for local communities in mining areas to benefit more directly from the tax revenue paid by the industry. A multi-stakeholder symposium held this week in Solwezi, in Zambia, called for a “fairer fiscal regime for the mining sector”, which facilitates a win-win situation for the government, the private sector and mining host communities. The gathering – the third of its kind – was aimed at sharing information about FQM subsidiary Kansanshi Mining’s work on social investment, sustainable community development, mining… Read More Here
Copper cables Emeralds Mining in Zambia Taxes 

Zambia’s 2019 copper output drops due to the taxes | Zambia

arnbethnic
According to the report, Zambia’s copper output in 2019 had fallen due to the latest mining taxes which were also the main factor of less investment. Although there was a favorable market outlook for 2019, the copper production still dropped up to 100,000 tons from a year earlier, with a total output of around 750,000 tons, which was also caused by the shutdowns at Zambia’s copper mines and the low power supply.  It was predicted that the downtrend would continue in the coming years. Read More Here

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