adminLUSAKA – The Zambian government has requested Norway to consider providing $8.5 million to implement and facilitate the export of minerals from Zambia, the Times of Zambia reported yesterday. Secretary to the Treasury Fredson Yamba said Norway should consider giving Zambia the funds for planning and implementing a mechanism which would promote the monitoring and facilitation of the export of the country’s minerals.
Speaking during a bilateral meeting with Norwegian State Secretary for International Development, Arvinn Gadgil, the Zambian government official expressed confidence that the assistance will help the southern African nation increase revenue collection from its minerals.
The funds, he said, will help the Zambian government to plan, monitor and implement a program of increasing revenue collection from minerals as well as facilitate exports of mining products.
On his part, the Norwegian government official expressed his government’s interest in building the capacity of Zambia’s revenue collection body, the Zambia Revenue Authority, in dealing with illegal capital flight and illicit financial flows.
Last year, the Zambian government tightened its regulations on taxation in mining companies to boost compliance and revenue collection, following reports of tax avoidance by mining firms.
The government expressed concerns that copper exporters were misrepresenting the amount of metal leaving the country.
Among the measures introduced are that mining companies would have to provide information of tonnages, type and grade of ore mined, quantities and the end product.
The mining firms are also required to submit annual reports on the recovery percentages and efficiency of all mining and metallurgical processes. – Xinhua.
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