In the years leading up to the August 2021 election of Zambian President Hakainde Hichilema, the government of the Republic of Zambia (GRZ) rolled out a series of fiscal policies that undermined the profitability of Zambian mining, a major obstacle for one of Africa’s leading copper and cobalt producers. This included the 10th royalty increase in 16 years, double taxation by which royalty payments were not tax deductible for corporate income tax, withheld value-tax refunds, and a 5% import levy that made domestic processing uncompetitive and increased uncertainty of tenure as the government sought to take mines over....
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