CEC Plans $600m Energy Investment

By Chembe Mbale

The Copperbelt Energy Corporation -#CEC- plans to invest 600 -Million United States dollars in specific energy projects.

Of the funds, 200-million United States dollars has already been secured with projects either on development stage or under construction.

But the Corporation has cautioned that delayed #VAT refund payments to the institution may significantly impact on the planned investments.

CEC Chief Financial Officer MUTALE MUKUKA says the delay may also affect working capital and is likely to force the corporation to consider passing the costs to consumers or borrow to fund the projects.

Mr. MUKUKA has called for strengthened partnership with government aimed at developing a clear framework to reduce uncertainty and risks associated with delayed VAT refund which currently stands at k13-million.

He said this when he made a presentation to the visiting Parliamentary Committee on Planning and Budgeting in #Kitwe.

Earlier, Parliamentary Committee on planning and Budgeting Chairperson FRED CHAATILA called on the Business community and general public to pay taxes and help the government improve domestic revenue generation and reduce reliance on foreign aid.

He said tax evasion is depriving the country especially in fostering social and economic development.

Mr. CHAATILA described CEC’s continued investment in various energy projects as commendable despite facing delays in getting their VAT refund.

He has called on ZRA to prioritize low-risk businesses for VAT Refunds.