New mining tax regime good for economy-EAZ

Written by on January 29, 2019



THE introduction of the new royalty tax and Sales Tax is the first step towards more measures we shall propose this year to enhance national economic development, says Economic Association of Zambia (EAZ) president Lubinda Haabazoka.

Dr Haabazoka said the rise in copper prices on the international market would increase the flow of foreign currency to Zambia.

He told the Lusaka Sun that the newly introduced mining tax regime would see government get enough revenue to fund other capital projects for the growth of the economy.

He said that the closing of leakages in the VAT remittance would also increase the flow of money to Zambia.

“Zambia’s economy is actually bigger than captured in official figures. It is not coincidence that we are among the most stable economies in Africa,”

“Issues to do with unemployment levels, low government revenues and reduced trickle-down effect are as a result of leakages in the economy. Leakages created by old laws, some of which were hastily enacted in the post command economy era of the early 90s,” Dr Haabazoka said.

Dr Habaazoka proposed that each citizen fully read and understood the 7th National Development plan and Vision 2030.

He said that to achieve sustainable economic development, each and every citizen should speak with one voice.

“Let us all unite for the sake of our country. Even our critics are now in the forefront supporting the new mine tax regime because “success knows no orphans. Those that decided to take an opposite stance are now regretting because the truth has prevailed,” Dr Haabazoka said

He also said that EAZ would soon propose measures to stakeholders aimed at ending decades of long national economic development bottlenecks and impediments.

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