ZAMBIA TO SEAL MINES SECTOR TAX LOOP-HOLES

Zambia says plans to tighten its grip on the government's share of profits in the country's mining houses.

Vice President, Guy Scott, who is on a visit in the United Kingdom, says this will be for the purpose of boosting tax revenue.

Dr Scott also says this will also level the playing field for Chinese and other investors in the mining sector.

Investors in miners operating in Zambia, which include Glencore, Indian miner Vedanta and Canadian-listed First Quantum, have fretted over possible increases in taxes.

Speaking at an event hosted by Thomson Reuters on Friday, Dr Scott assured that there are no plans to change the tax code.

He however stated that government would ensure mining companies compliance with the existing rules in order to would boost income.
Dr Scott further said government would look at under-reporting and possible transfer mispricing by mining companies.