THE 2008 EXTRACTIVE INDUSTRY TRANSPARENCY INITIATIVE (EITI) RECONCILIATION REPORT FOR ZAMBIA HAS REVEALED 86% OF UNRESOLVED DISCREPANCIES TO HAVE ARISEN FROM NON-REFUNDED VAT, IMPORT VAT, CUSTOMS DUTY AND CORPORATE TAX.
THE REPORT STATES THAT THE NET DISCREPANCY OF K12.31 BILLION DIFFERENCE IS BETWEEN WHAT THE COMPANIES REPORTED PAYING AND WHAT THE GOVERNMENT AGENCIES REPORTED RECEIVING.
ACCORDING TO THE 2008 REPORT, GRIZZLY MINING LIMITED, THE CNMC LUANSHYA COPPER MINES AND THE ZCCM-IH FAILED TO REPORT THEIR TAX SUBMISSIONS TO GOVERNMENT.
THE 2008 EITI REPORT COVERED 14 LARGE SCALE MINING FIRMS AND TWO GEMSTONE COMPANIES AND FURTHER SHOWS THAT THE COMPANIES REPORTED PAYING A TOTAL OF K1, 737.15 BILLION WHILE GOVERNMENT REPORTED RECEIVING A TOTAL OF K1,724.85 BILLION.
THE REPORT SHOWS THAT THE MAIN SOURCES OF THE DISCREPANCIES WERE NON-REFUNDED VAT, IMPORT VAT, CUSTOMS DUTY, CORPORATE TAX WHICH AMOUNTED TO ABOUT 86% OF THE TOTAL UNRESOLVED DISCREPANCY.
HEAD OF ZAMBIA EITI SECRETARIAT SIFORIANO BANDA WAS SPEAKING AT THE DISSEMINATION WORKSHOP IN LUSAKA TODAY.
MEANWHILE, A FULL INVESTIGATIONS WHICH INVOLVES RESOLVING THE OVER REPORTED PAYMENTS AND THE UNDERPAYMENTS REPORTED PAYMENTS IN ALL TAXES FOR ALL THE COMPANIES WHICH RESULTED IN ABSOLUTE DISCREPANCY OF K247 BILLION IN THE REPORT.
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