FINANCE MINISTER, CHIKWANDA RULES OUT WIND-FALL TAX RE-INTRODUCTION

Finance and National Planning Minister, Alexander Chikwanda has reiterated that there are no plans to re-introduce windfall tax.

Amid calls for the re-introduction of the respective tax, the mines sector had expressed concern over public demands over the controversial tax measure.

The wind fall tax was previously introduced but later abolished in 2009.

And now, Mr Chikwanda has stated that re-introducing the respective tax measure could could harm mining operations and negatively impact the economy.

The minister has explained that It would be unwise for the government to introduce a windfall tax when metal prices are unstable and are usually trending downwards.

In next year’s national budget, Mr Chikwanda has however doubled mineral royalty tax from 3 to 6 per cent, a measure which has received accolades from interest groups.