Zambia: Government to revise “unfair and unbalanced” mining tax rates set by World Bank

Agence-France Presse (AFP) reports that during an address to Zambia’s parliament last month, President Levy Mwanawasa announced the cancellation of tax breaks for mining companies operating in the country’s lucrative copper sector. Calling the present rates “unfair and unbalanced,” the president proposed a new tax regime “in order to bring about equitable distribution of the mineral wealth.” While Zambia’s major copper companies are yet to comment on the new tax regime, AFP reports that the new corporate tax rate is “still lower than the level in other copper producing countries.”