[miningmx.com] – ZAMBIA may dispose of corporate tax for mining firms operating in its borders and replace it with higher royalties on minerals, said Bloomberg News citing a person familiar with the matter.
Finance Minister Alexander Chikwanda may provide clarity on the royalties plan in his annual budget speech on October 10, the newswire said. Fredson Yamba, the Treasury secretary, declined to comment, Bloomberg News said.
The government may increase the 6% royalty rate charged on sales as it would be simpler to administer and more transparent than corporate income taxes, the newswire said.
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