Blog entries from: Zambian Economist

A non-partisan website that provides independent economic perspectives on Zambia's progress towards meaningful development for her people.

1 to 10 of 134

October 29 2014

From Zambian Economist Wed Oct 29 2014, 06:08:00

Government has announced the death of President Michael Sata. Below is the address to the nation by the Secretary to the Cabinet Roland Msiska :

Fellow country men and women.

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October 24 2014

From Zambian Economist Fri Oct 24 2014, 19:38:00

Alexander Chikwanda in the Budget 2015 announced that Government is establishing a Sovereign Wealth Fund [SWF] :

A culture of living hand-to-mouth does not safeguard the interest of posterity. We have the duty and responsibility to secure the future of the next generations. In this regard, I have allocated K100 million for the establishment of a sovereign wealth fund. Going forward, a significant proportion of the dividends from state-owned enterprises that will fall under the Industrial Development Corporation [IDC] will form part of the fund" 

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From Zambian Economist Fri Oct 24 2014, 12:59:00

The Government has now published the draft Constitution of Zambia after persistent demands by civil society and other members of public. There is no roadmap on what happens next. What is clear is that we are not going to have a new constitution before 2016 because the time has run out. The Patriotic Front (PF) may choose to pursue a selective amendment approach if they can reach consensus with the opposition. However, the most optimistic outcome would be a referendum at the same time as the general election. That too is highly unlikely because the current draft is still quite a flawed documents in many parts. And of course PF disagrees with many parts within it. 

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October 17 2014

From Zambian Economist Fri Oct 17 2014, 11:06:00

I have been forgetting to share this document, though I suspect many of you may already have downloaded it from other sources. This is the plan that defines what the Patriotic Front are allegedly aiming for in Zambia as they seek re-election in 2016.

Copyright © Zambian Economist 2014

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October 15 2014

From Zambian Economist Wed Oct 15 2014, 18:05:00

Finance Minister Alexander Chikwanda last week delivered the Budget Statement 2015. As the Post newspaper already revealed, government is reducing its share in ZCCM-IH to 60%. Chikwanda also appeared to signal that the contentious VAT rule is here to stay. The big one of course is the redesign of the tax regime for mining operations by replacing the current two tier system with the following mining tax structure:

(a) 8 percent Mineral Royalty for underground mining operations as a final tax;

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October 11 2014

From Zambian Economist Sat Oct 11 2014, 22:05:00

A visual representation of the Budget yesterday as delivered.  I thought it was worth showing how the word "continue" stands out. The main surprise is how often the word governance is used!

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October 10 2014

From Zambian Economist Fri Oct 10 2014, 15:08:00

Finance Minister Alexander Chikwanda delivered the Budget Statement 2015 earlier today. I have read through it but not fully process it. Everything in the Budget was leaked to the Post newspaper. There are no surprises in that sense. In short it a budget short of new things - the word "continue" seems to be all over it. However it does contain important proposals relation to the mining fiscal regime and ZCCM-IH. More discussion on the proposals in due course. 

AUTHOR

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October 6 2014

From Zambian Economist Mon Oct 6 2014, 04:20:00

By Mawano Kambeu

On October 3rd, 2014 the Zambian Kwacha, Nigerian Naira and Kenyan Shilling debuted the Johannesburg Stock Exchange (JSE). This is the largest and most liquid stick exchange in Africa. The move has been heralded as a milestone by Government but with little explanation in the media about what it really means for ordinary Zambians. This article is designed to address some common questions that have been posed by the public.

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October 5 2014

From Zambian Economist Sun Oct 5 2014, 11:52:00

Glencore (owners of Mopani Copper Mines) last week halted operations at its Sable Zinc Kabwe mine because of withheld valued-added tax refunds owed to the company. Mopani has also suspended part of an $800 million plan to boost production of copper by 50 percent.

The Zambia Revenue Authority has held back on paying mostly mining companies more than $600 million VAT refunds, because it says exporters haven't complied with a rule requiring import documents from the countries the products end up in. Mopani alone is owed more than $200 million in refunds.

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October 2 2014

From Zambian Economist Thu Oct 2 2014, 16:01:00

It is refreshing to read Elias Chipimo's insightful contribution on the VAT refund - see the article VAT refunds to mining exporters . Our only observation is that what he has written is factually correct. And we would like to offer some additional points that perhaps he could have made more clearer.

First, the way VAT is applied is an issue of "international best practice" rather than international legality. Every country is entitled to apply VAT refunds in a way that is consistent with its domestic policy and laws. Whether you follow best practice is a question of knowledge and competition rather cast iron laws.

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