Mining Indaba 2020
Investing News

Zambia says owes major mining firms $215 million in tax refunds

Zambia owed major mining companies 2.8 billion kwacha ($215 million) in tax refunds as at June 30, 2019, Finance Minister Bwalya Ng’andu said on Thursday, the latest development in a long-running dispute with the miners.

In December, the Zambian government withheld payment, saying the correct documentation had not been provided.

The government has verified that it owed the companies 2.834 billion kwacha in Value Added Tax (VAT) refunds although the mining firms were claiming an additional 4.955 billion kwacha without providing evidence, Ng’andu said.

Advertisement

He was responding to a question in parliament on the unpaid tax refunds to local mining firms majority owned by Glencore, Vedanta Resources, First Quantum Minerals and Barrick Gold.

Ng’andu said the government planned to meet the affected mining companies and agree how the outstanding refunds would be paid.

Advertisement

Updated:

Country
Show More
MAXIMIZE YOUR ROI WITH AFRICAN MINING MARKET -ADVERTISE NOW!
Close