Low copper prices to hit Zambia's income

Friday, January 2, 2009
Zambia's tax revenues will be hit badly in 2009 unless copper prices rebound, the country's revenue authority (ZAR) was quoted as saying on Wednesday.In April, the government introduced a windfall tax at 25 percent and profit variable tax at 15 percent above eight percent earnings, hoping to raise $415 million additional revenue in 2008 from the copper mines, but these efforts were dashed with plummeting copper prices.ZAR's Commissioner General Chriticles Mwansa told state media that tax...
Source: http://af.reuters.com/article/zambiaNews/idAFLV69139220081231