[miningmx.com] – ZAMBIA withheld up to $500m in value added tax repayments from mining companies because they failed to provide import documentation, said Bloomberg News citing two people with knowledge of the matter.
Zambia last year introduced rules requiring documents from importers, said Bloomberg News. Miners, however, say they can’t comply with the new rules because they don’t know the final destination of their output.
Zambia also wants mining companies to be paid directly to a Zambian bank but some mining companies are paid for their output via foreign accounts, Bloomberg News said.
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