Chamber of Mines proposes tax cuts for Mines

By Ruth Chayinda

Zambia Chamber of Mines has proposed that the government in the 2025 budget should implement policies that will make the mining sector more attractive.

ZCCM Chief Executive Officer SOKWANI CHILEMBO says among the incentives that the chamber is proposing is to reduce the rate of withholding tax from 20 percent to 10 percent on essential foreign exploration consultants and exploration contractors and expedite work permits.

Mr. CHILEMBO has also called on the government to withhold tax rate for non-resident investors from 20 percent to 10 percent and from 15 percent to 7.5 percent for local investors on mining royalties for various minerals.

Speaking when he made a number of proposals to be considered in Next year’s budget, Mr CHILEMBO said there is need for the government to introduce a 15 percent exploration tax credit on grass roots expenses for locally operating miners and increase the loss carry forward from 10 years to 20 years .

And Association of Zambian Mineral Exploration Companies founding President WILLIE SWETA urged the Government to increase funding to the mining sector so that relevant departments can monitor operations and improve revenue.

Meanwhile, Geologist NIC MONEY has urged the Government to provide more resources to the mining sector so that it can survey the mineral belt from Mbala to Livingstone.

Economist TAONGA SIMWAKA urged the government to develop a policy that will promote growth in the mining sector.