The Emerald Production Watch of Zambia has protested against the 15% export duty imposed on the gemstone sector by the government, describing the move as unmanageable and ill-timed for industry stakeholders.
The Ministry of Finance reintroduced the export duty pegged at 15 percent as part of efforts to enhance domestic revenue mobilization in 2025, which came into effect on January 1, 2025.
However, the move has been met with resistance from the gemstone sector, with emerald production watch of Zambia President Musa Kafimbwa arguing that the duty will hurt the industry’s growth prospects.
Mr. Kafimbwa says the gemstone sector is still in its growth phase, contending that the 15% export duty will increase operational costs and reduce Zambia’s competitiveness on the global market, hence the need for the government to reconsider the duty.
He says the export duty could have unintended consequences that could prevent unlocking of several mines and greenfield operations, and has called on the government to engage with stakeholders toward a more balanced approach that supports the growth of the gemstone sector.
RONGXING MINING LIMITED PLEDGES TO UPSACALE COPPER PRODUCTION FROM 5000 TO 25000 TONS FOLLOWING $150 MILLION INVESTMENT
Rongxing mining limited has pledged to increase its copper production from 5000 tons last year to...
0 Comments