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The Chamber of Mines says the new dawn administration has saved the mining sector from collapse following the introduction of new mining tax policies announced in the proposed 2022 budget.

Chamber of Mines President GOODWIN BEENE says the finance minister has saved the sector from going over “the edge of cliff” by making mineral royalty tax deductable in income tax.

Dr BEENE said double taxation in the mining sector was a major impediment to expansion of existing mines and investment for new mining projects.

He said this in Lusaka during a PWC Post Budget virtual event held on ZNBC television.

And Economist MUTISUNGE ZULU said the mining tax policy as announced in the 2022 budget has attracted interest from Australian mining giant Rio Tinto who could now make the decision to invest in the country.

Mr. ZULU noted that should such investments be realized the country will be able to increase copper production from 800,000 to three million metric tonnes.

The Zambia Manufactures Association Chief Executive Officer FLORENCE MULEYA however warned that unless power production is increased the objectives for growth in mining and manufacturing will be difficult to achieve.

And PWC Tax Services Director, GEORGE CHIRWA commended the government for making a shift in taxing spending rather incomes of individuals.

Mr CHIRWA said at the moment PAY AS YOU EARN is the largest contributor of the tax at 34 percent.

He said to grow the economy must shift the dependency on direct taxes such as PAYE to indirect taxes such as value added tax.

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