GOVT URGED TO RE-EVALUATE ITS TAXATION POLICIES TO AVOID REVENUE LOSSES DUE TO TAX EVASION BY MINING FIRMS

Opposition Party for National Unity and Progress says without undertaking reforms targeted at overhauling the current taxation regime in the mining sector, Zambia will continue to suffer substantial revenue losses due to tax evasion by mining firms.

In an interview with Phoenix News, Party leader Hyvie Hamududu pointed out the detrimental impact of long-standing mining tax exemptions, which he argues have deprived Zambia of crucial revenues.

Mr. Hamududu has urged government to re-evaluate its taxation policies, by benchmarking with countries like Botswana and Namibia, which have implemented effective taxation systems in the mining sector.

He says by learning from their successful models, Zambia can enhance its revenue collection mechanisms and mitigate losses from tax evasion and promote economic stability and development.

Mr. Hamududu has stressed the importance of increasing Zambia’s shareholding in mining firms to ensure the country receives its fair share of revenues from the sector through both dividends and taxes.