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Monday, 5 July 2010

IMF - Zambia Watch (June 2010), 2nd Edition

Letter of Intent of the Government of Zambia, which describes the policies that Zambia intends to implement in the context of its request for financial support from the IMF.

1 comment:

  1. 14. Improving the performance of revenues will be a key area of focus in the medium-term.

    While the contribution to GDP by sectors such as mining has increased dramatically over the last decade, this has not been matched by commensurate contributions to domestic revenues. In addition, the revenue burden continues to be borne by personal income taxpayers, while corporate and import taxes and VAT continue to underperform. The government remains on track to undertake a comprehensive review of tax policy and administration this year (structural benchmark for end-September 2010), and will draw on past technical assistance and the ongoing technical assistance on VAT.

    In the mining area, the government has commenced discussions with the mining sector aimed at resolving legacy issues related to the development agreements as well as the adherence to the current tax regime.

    In this context, the government intends to draw on lessons stemming from the ongoing audit of selected mining companies. The Government will continue to draw on the expertise of the IMF and other relevant development partners on the ramifications stemming from these discussions for the fiscal regime of the mining sector.


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