Published By: Adekunle Dada
4th October, 2018
The mining tax increases proposed by Zambia’s 2019 budget will break the back of the economy, with some mining companies already putting on hold, expansion plans, industry body said on Thursday.
The budget was presented last week.
“More tax regime instability, massive increases, and novel taxes not seen anywhere else in the world, will hurt the mining industry.
”It will maim all those who rely on its for success,” Zambia Chamber of Mines President, Nathan Chishimba, said in a statement.
Zambia said last Friday it will introduce new mining duties and increase royalties to help bring down mounting debt.
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