October 4, 2018 / 5:34 AM / a year ago

Mining firms say Zambia's tax hike plan will ruin economy

LUSAKA, Oct 4 (Reuters) - Zambia’s proposed mining tax increases in a 2019 budget presented last week will break the back of the economy with some mining companies already putting on hold expansion plans, an industry body said on Thursday.

“More tax regime instability, massive increases, and novel taxes not seen anywhere else in the world, will hurt the mining industry and all those who rely on its 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. (Reporting by Chris Mfula; Editing by Joe Brock)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below