The Times of Zambia reports that the parliamentary estimates committee yesterday sent back a team led by acting Secretary to the Treasury James Mulungushi because they did not present satisfactory explanations of the new mining tax regime. Dr Mulungushi and his team were asked to prepare a fresh report that would satisfy the committee chaired by Itezhi Tezhi MP Godfrey Beene, and present it by tomorrow.
MPs complained that the report left out key details of the proposed windfall tax on copper mines. Dr Mulungushi had also said that Government plans to open a special account at the Bank of Zambia (BoZ) to keep the excess revenue from the mines and that the Government has set up a committee to plan on how the projected revenue of US$415 million would be raised. This prompted the committee to question why the projected revenue of US$415 million was not included in the national budget. The committee argued that it is only parliament that has the authority to approve any expenditure and not the executive. "As a committee, we are looking at the legal position on new mining tax and the position on the setting aside of the excess revenue and why is this money not included in the budget. We are disappointed because you have failed to give us the legal position on these important matters," Mr Beene said.
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