Zero Import Duty On Copper Concentrates

Zambia has a mining history that spans over 100 years. Mining continues to play a major role in the economic development of the country, with copper being approximately 77% of total exports.

Consequently, it is always predictable that the country's budget contains fiscal and monetary reforms relating to the mining sector. The 2021 national budget was no exception.

The Minister of Finance, in favour of the mining industry, proposed to remove the 5% import duty on copper ores and concentrates of HS Code heading 2603.

The proposal seems to be aimed at addressing the negative impact of the preceding mining tax amendments, which not only affected future operations or plans for mining companies due to rises in procurement costs, but also created a sense of an unstable mining tax regime.