[miningmx.com] – THE International Monetary Fund (IMF) welcomed steps by Zambia to review its recently implemented tax laws, but said that the country should avoid replacing it with mine-by-mine agreements.
Zambia president, Edgar Lungu, last month asked his mines and finance ministers to consider reverting to the previous tax system for mining firms or engage in individual agreements after investors said they would not place capital in the country whilst it persisted with higher royalties in place of corporate tax.
“The IMF welcomes President Zungu’s directives calling for a review of the mining tax regime that came into effect in the beginning of this year,” said the IMF’s mission chief to Zambia Tsidi Tsikata told Reuters.
“We hope a resolution of the impasse will result in a transparent system applicable to all the mines rather than mine by mine agreements,” said Tsikata.
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