Zambia loses copper revenue

By SYLVESTER MWALE in Johannesburg, South Africa   –

THE 2013 Africa Progress Report has revealed that Zambia collected only US $240 million in tax revenue from the mines out of $10 billion that the mineral exports generated in 2011.

The figure which exposes the unfair tax regime against resource-rich countries in Africa represents only 2.4 per cent of the total export value of Zambia’s major export earner.

The report notes that Africa had not obtained commensurate compensation from exploitation of its mineral resources although many countries were realigning their tax regimes.

“The revenues secured by many resource-rich countries appear to be very low in relation to the value of exports, and compared with international standards,” states the annual report launched on Friday by former United Nations (UN) secretary general Kofi Annan.