[miningmx.com] – ZAMBIA confirmed it would impose a 9% royalty on open pit and underground mines in a revision of earlier amended tax laws which applied a 20% and 8% royalty on open-pit and underground mines.
The country, Africa’s second largest copper producer, would also revert to a 30% corporate tax in a reversal of policy aimed at preventing mine closures of job losses estimated by the country’s Chamber of Mines to total 12,000, said Reuters.
The cabinet also approved a 15% variable profit tax on income when taxable earnings exceed 8% of gross sales, while claims of losses will be limited to 50%.
The taxes are yet to be approved by parliament but it is expected they would receive the assembly’s backing, said Reuters.
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