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Zambia’s tax agency said on Wednesday that it has granted tax deferment to some mining firms facing cash flow challenges.

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The Zambia Revenue Authority (ZRA) said the deferment was given after the mining firms applied for the facility following cash flow challenges, a move which was in line with the country’s Mines and Minerals Act, according to state broadcaster, the Zambia National Broadcasting Corporation.
Berlin Msiska, the tax agency’s commissioner-general said mining firms having a negative cash flow position could apply for a tax deferment.
The official could however not reveal the names of the mining firms because of privacy issues and added that the deferment does not mean a write-off as the mining firms will pay back once their financial position improves.
Meanwhile, the tax agency said it will not be able to meet the revenue collection target for this year following a recent change in the mining tax regime.
The official said the agency will have to adjust its revenue estimate targets for the year.
The Zambian government recently changed its mining tax regime following complaints from mining firms after it raised the mineral royalty tax from six percent to eight percent for underground mines and 20 percent for open pit mines. The tax has since been revised to nine percent. Enditem

-Xinhua

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