Finance Minister Alexander Chikwanda cuts the ribbon to officially open the Solwezi Indo – Zambia Bank branch yesterday as bank managing director Shankardas Gupta (right) looks on. Picture by CLEVER ZULU
By KAIKO NAMUSA –
GOVERNMENT will introduce new measures to boost tax collection from the mining sector, Finance Minister Alexander Chikwanda has said.
Last year, The Guardian of the United Kingdom, reported that Zambia lost more than KR41 billion (K41 trillion) in the past 10 years through tax evasion, which could be traced mainly to mining multinationals.
Mr Chikwanda said in an interview yesterday that the mining sector in Zambia was contributing less compared to other regions.
To this effect, Mr Chikwanda said, local experts would be engaged to assist with implementation of the new system.
The minister said there was need to calculate the taxing based on the true production and export data of minerals generated.