Norway agreement to boost Zambia mining revenues

Mining in Zambia

Mining in Zambia

from ARNOLD MULENGA in Lusaka, Zambia
LUSAKA, (CAJ News) – ZAMBIA has intensified measures to monitor tax revenue administration to promote transparency in the mining sector.

This follows the signing of a whopping K39 million grant agreement between the government and Norway.

Secretary to the Treasury, Fredson Yamba, confirmed the latest development, which the mining industry is expected to embrace.

“This will ensure effective and comprehensive refinement of PFM, the reforms will target integrated improvements in planning and budgeting, financial management information system, cash management, public procurement, internal audit and control, revenue administration, strengthening tax policy formulation and program management,” Yamba said.

Mining is Zambia’s economic backbone.

However, it is widely believed that the tax revenue administration needed revamping in order to cultivate confidence between the extractive industry investors and government.

It is believed the latest development would help boost the implementation of the Public Financial Management (PFM), which aims to reform the mining sector.

– CAJ News

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Posted by on Jan 19 2015. Filed under Africa & World, Featured, Finance, Finance & Banking, Mining, Mining & Engineering. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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