The United Nations Conference on Trade and Development (UNCTAD) has partnered with Zambia’s tax collection agency in developing a mineral value chain monitoring framework to enhance revenue collection from the mining industry, the Times of Zambia reported on Monday.
The UN agency has partnered with the Zambia Revenue Authority in developing the Mineral Value Chain Monitoring Framework aimed at improving revenue collection from the mining industry.
Secretary to the Treasury, Fredson Yamba, said after a signing ceremony that the implementation of the project would enhance revenue contribution from the mining sector to the treasury.
“I wish to state that the government will continue to implement appropriate measures aimed at ensuring that the Zambian people receive a fair and sustainable share of the proceeds from their God-endowed natural resources,” he was quoted as saying by the paper.
UN Resident Coordinator in Zambia, Janet Rogan, said the framework was expected to enhance capacity to appreciate and explain significant growth in the mining sector.
The framework, she added, was also expected to improve the government’s capacity to identify challenges along the mineral value chain, resulting in inefficiencies in the monitoring of mining activities.
She also expressed concern that despite the mining sector being Zambia’s economic mainstay, the sector was not contributing enough to the country’s treasury in terms of taxes. Enditem
Source: Xinhua
