The Centre for Trade Policy and Development -CTPD- is urging government to use the 2024 national budget as a tool to revitalize Zambia’s mining sector.
As of the first quarter of 2023, the mining sector witnessed a 24.37 percent drop in copper output, recording 143,640 metric tons compared to 189,953 metric tons in the same period in 2022.
In this vein, CTPD Lead Researcher -Extractives Elijah Mumba is urging government in the next year’s budget to increase funding to the geological survey department to encourage crafting of long-term sound decisions in the mining sector and encourage long term investment and allocate funds for training and skills development programs within the mining sector to contribute to a more capable workforce, driving innovation, efficiency, and productivity among others.
Mr. Mumba notes that despite favorable tax adjustments for the sector in 2022 and 2023 budgets – including reducing Company Income Tax -CIT-from 35 percent to 30 percent and allowing mineral royalty deductions for CIT calculations, results have not been good enough.
