MINING HOUSES IN ZAMBIA TO BRACE FOR AN INTENSIVE AUDIT

All the mining houses should brace for intensive audits as the Zambian government plans to take stock of what is owed in taxes by the mines.

Mines Minister, Wilbur Simuusa has since estimated what is due from the mines to be between 500 million dollars to a billion dollars.

Mr Simuusa has stated that time has come to look at the mining sector contribution to the national revenue base.

According to Mr Simuusa, the audit has been facilitated by the World Bank’s insinuations that the mines are not paying adequate taxes.

The Minister has further made revelations of the lack of transparency in the manner Zambian copper has been sold.

A UK charity organisation, Christian Aid has revealed that more than half of the copper Zambia exported in 2008 was destined for Switzerland, but according to Swiss import data, almost none of this arrived.

Mr Simuusa has added that this trend has continued therefore the need to re-look at the processes of copper exports for Zambia.