. Kadiresan
By MAIMBOLWA MULIKELELA –
GOVERNMENT has launched the 2011 Extractive Industries Transparency Initiative (EITI) reconciliation report with mining revenue hitting K7.72 billion due to the tax arrears that were due in 2008.
And copper production increased from 762,521 tonnes in 2010 to 819,574 tonnes in 2011.
In 2010, the mining industry recorded revenue collection of K3.79 billion which increased to K7.72 billion in 2011 due to the tax arrears that were due in 2008.
The tax arrears paid in 2011 amounted to K1.78 billion.
Mines, Energy and Water Development Deputy Minister in charge of mines, Richard Musukwa said in the 2011 report, 26 mining companies made payments amounting to K7.72 billion.
Speaking during the launch of the fourth EITI reconciliation report in Lusaka yesterday, Mr Musukwa said the reported revenue in 2010 was K3.7 billion, which rose to K7.72 billion in 2011.
“The 2011 report shows a discrepancy. The net discrepancy in 2010 was K8.31 million while the discrepancy in 2011 was K48.84 million,” he said.
Mr Musukwa said the negative discrepancy was attributed to non-submission of reporting templates by BHP Billiton World Exploration Limited.
He said although payments to the Zambia Revenue Authority (ZRA) were included in the report, the errors in amounts registered on templates submitted by Government agencies and mining companies also contributed to the discrepancy.
Mr Musukwa said the report covered 99.78 per cent of mining companies which paid taxes to the ZRA in the 2011 financial year.
He urged the Zambia EITI Council to speed up the process of enacting the Zambia EITI Act which would strengthen the implementation of the initiative in the country.
Mr Musukwa said the Zambia Council should improve the quality and content of the reconciliation report so that they could enhance transparency in the management of mineral resources.
Among the delegates present at the launch were Mines, Energy and Water Development Deputy Minister in charge of energy Charles Zulu, World Bank country director Kundahavi Kadiresan and members of the diplomatic corps.
