Q FM Africa's Modern Radio
The Center for Trade Policy and Development (CTPD) says the revelations from the Auditor General’s report citing that six mining companies had been exporting more than permitted volumes of extracted minerals are very unfortunate for country like Zambia that is desperate need of maximum revenue for local economic growth.
In the report, it is stated that six mineral exporters actually exported 6, 240, 628 kilograms instead of exporting permitted 3, 402, 172kgs.
CTPD Acting Executive Director Isaac Mwaipopo says this is beyond what was to be exported making Zambia to lose out on revenue.
Mr. Mwaipopo says it is sad that mining companies have continued to take advantage of the weak monitoring system for various minerals extracted in Zambia and this is not the only way through which the country loses revenue as it is estimated that Zambia loses close to K3 billion annually through corporate tax dodging.
Mr. Mwaipopo says his organization calls for the full operationalisation of the Mineral Value Chain Monitoring System adding that there is great need for Zambia to step up efforts around improving the monitoring of minerals extracted, key among the processes that need expedition is the full operationalisation of the mineral output statistical evaluation system known as the Mineral Value Chain Monitoring System, this will help to reduce revenue leakages.
He has furthermore urged government through ZRA to establish the gaps which these companies where taking advantage of in exporting beyond the authorized volumes of minerals Government should consider meting stiff punishment on the companies that have been stealing money from Zambia through illegal export trade and illicit financial flows.
Mr. Mwaipopo says there is also need to ensure that communities where these resources are extracted from adequately benefit from the resources in their communities.