Breaking News
Translate

Zambia uncovers $8bn tax scam at prominent mining firm

Lusaka – Zambia’s tax collection agency said on Tuesday it had uncovered an five-year, 8 billion dollars tax scam at an unspecified “prominent mining company’’.

Zambia President, Edgar Lungu

The Zambian Revenue Authority (ZRA) said this in a statement in Lusaka.

ZRA said that it had issued a preliminary tax assessment of 8.04 billion dollars (76.5 billion Zambian kwacha) to the company for classifying imported spare parts and other consumables as mining machinery, which attract no custom duty.

The import duty on items other than mining machinery ranges from 15 to 25 per cent, ZRA said in a statement, adding that the company had been engaged in the conduct for the last five years.

“We have since notified both the mining and the clearing agent of this unacceptable act of cheating,” ZRA said, without naming the company or the clearing agent. (dpa/NAN)


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.