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 131

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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October 1 2014

From Zambian Economist Wed Oct 1 2014, 17:56:00

By Elias Chipimo

Let me start with a surprising statement: every finance minister since 1997 has been refunding mining companies for the VAT that they pay when they bring goods and equipment into this country. This includes Edith Nawakwi (under President Chiluba), Peter Magande (under President Mwanawasa) and Situmbeko Musokotwane (under President Banda).

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September 28 2014

From Zambian Economist Sun Sep 28 2014, 11:45:00

Government appears to have completely U-turned on the $600m VAT refund to exporters, with the larger bulk owed to mines and other exporters. ZRA says the U-turn is due to "widespread concern on the matter".

Minister Minister Chris Yaluma says "ZRA will do what they think is right and like they said, they have got the autonomy to run as best as they can to ensure all needed revenues are collected...They are trying to do what they can do best in the interest of the country." (Source: The Post). No word from Alexander Chikwanda but it appears the U-turn may have President Sata's backing.

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September 22 2014

From Zambian Economist Mon Sep 22 2014, 13:35:00

By Henry Kyambalesa

In this article, the term "economic growth" refers to an increase in a country's total output of goods and services over a given period. The term "economic development" refers to improvements in the standards of living of a country's citizens. These include sustained and pronounced improvements in per capita income, life expectancy, literacy levels, human capital, healthcare services, food security, public housing, transportation infrastructure, and leisure and recreation.

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