Zambia's new government is reviewing its mining tax framework with key stakeholders to formulate a stable, predictable and competitive regime, according to media reports.
Reuters reports that mining companies in Zambia had been complaining about double taxation.
Mineral royalty payments were since 2019 not treated as a deductible expense when calculating corporate income tax.
"This [review] will also attract both local and foreign investment in mining and ultimately scale up mineral production in the country," Minister Paul Kabuswe was quoted as saying in parliament.
Meanwhile, the mines minister said he would report back to parliament about Konkola Copper Mines (KCM) and Mopani Copper Mines.
The previous government handed control of KCM to a provisional liquidator in May 2019, which resulted in an ongoing legal dispute with its former owner Vedanta.
Zambia also took a $1.5-billion debt to buy Mopani from Glencore last January, but it is yet to find a new investor.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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