19 Feb 2020
DiamondWorld Directory
Home |
News
Home
Zambia suspends 15% export duty on gemstones
The export duty still applies to diamonds
By: Diamond World News Service
|
Dec 20 2019 5:26PM
|
Reference: 24657  

DecreaseIncrease

Zambia will suspend a 15% export duty on gemstones but not diamonds from Jan. 1 after the move that was intended to raise more revenues instead undermined production, the finance minister said on Thursday.

Bwalya Ng’andu told Reuters the suspension of the export duty, announced in the official gazette on Friday, was a concession to miners after the upfront tax had hurt output.

“The industry was bleeding and production was falling,” he said by telephone.

The export duty still applies to diamonds.

South African gemstone miner Gemfields Group Ltd, which had seen its profits hit by the duty, welcomed the suspension of the duty, which had been one issue in a broader row with the mining industry about tax rates.
Africa’s second-largest copper producer has tried to levy higher taxes on the miners, a key part of its economy, as it grapples with high levels of debt and low growth.

Push back from the industry has already forced it to roll back plans to replace its value-added tax with a non-refundable sales tax, another point of contention between miners and the state.

Source: Reuters 

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
HouseAd_Trade Fair
Recent Issue
2019
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 24014
GJEPC Chairman Interview
Views: 21685
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 28876
Promo for IJ Awards 2012 at NDTV Profit
Views: 42256
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 44992
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 17794
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 42929
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 40916
Advertisement
KGK_Antwepr
Advertisement
M.Tarun
Member of:
Supporter of: