Wednesday, 16 February 2011

THE COUNCIL OF CHURCHES IN ZAMBIA REITERATES ITS DEMAND FOR THE GOVERNMENT TO REVISIT THE POLICY ON 100PERCENT REPATRIATION OF PROFITS AND DIVIDENDS BY FOREIGN INVESTORS IN THE MINING SECTOR.

THE COUNCIL OF CHURCHES IN ZAMBIA REITERATED ITS DEMAND FOR THE GOVERNMENT THAT THE POLICY ON 100PERCENT REPATRIATION OF PROFITS AND DIVIDENDS BY FOREIGN INVESTORS IN THE MINING SECTOR IS RE-VISITED TO COMPEL THE MINES AND OTHER FOREIGN COMPANIES TO KEEP THEIR MONEY AND PROFITS WITHIN THE ZAMBIAN BANKING SYSTEM.
ACCORDING TO STATEMENT MADE AVAILABLE TO RADIO PHOENIX TODAY, COUNCIL GENERAL SECRETARY REVEREND SUSAN MATALE HAS OBSERVED THAT THIS WILL INJECT LIQUIDITY INTO THE LOCAL ECONOMY AND ALLOW LOCAL BANKS HAVE ENOUGH MONEY TO LEND OUT TO ZAMBIAN INVESTORS AND ALLOW THESE DEVELOP THE LOCAL ECONOMY AND CREATE JOBS.
REVEREND MATALE SAYS GOVERNMENT AND ZAMBIA REVENUE AUTHORITY MUST INSTITUTE STRINGIEST VERIFICATION EXERCISES IN ORDER TO CORRECTLY RECORD AND MONITOR THE BUSINESS TRANSACTIONS OF THE MINES AND OTHER FOREIGN INVESTORS AND MONITOR THE INSIDER SELLING AND TRADING HAPPENING BETWEEN THE MINING COMPANIES AND THEIR FOREIGN MOTHER COMPANIES.
SHE HAS POINTED OUT THAT THIS WILL STOP THESE COMPANIES FROM UNDERVALUING THEIR BUSINESS TRANSACTIONS ADDING THAT THE COUNCIL IS MINDFUL THAT FOR THAT TO HAPPEN, THE GOVERNMENT WILL DEPEND ON THE MINING COMPANY HONESTLY DECLARING CORRECTLY THE CASH FLOWS RESULTING FROM ITS MINING BUSINESS ACTIVITIES AS CAPTURED IN ITS RECEIPTS OR SALES RECORDS.
THE CLERGY HAS CALLED ON THAT THE PRESIDENT TO SET UP AN ECONOMIC COMMISSION TO FIND OUT HOW MUCH ZAMBIA IS LOSING IN UNCOLLECTED REVENUES FROM THE MINES AND OTHER INVESTORS HOPING THIS COMMISSION WILL COME UP WITH A BETTER WAY OF POLICING THE MINES TO THE BENEFIT OF BOTH THE ECONOMY AND THE GOVERNMENT.
IN HER REITERATING CALLS ON THE GOVERNMENT TO REINTRODUCE THE WINDFALL TAX REVEREND MATALE HAS STATED THAT THE COUNCIL HAS BEEN CLEAR AND UNWAVERING IN ITS DEMANDS THAT THE GOVERNMENT NEEDS TO TAKE ADVANTAGE OF THE HIGH COPPER PRICES PREVAILING IN THE METAL EXCHANGE MARKET.

published by augustine m sichula

No comments:

Post a comment