Zambia has lifted a 15% export duty on gemstones and metals shortly after reinstating it to boost government revenue. The decision, made by Finance Minister Situmbeko Musokotwane, is intended to enhance global competitiveness, attract local and international investment, and diversify exports in the mining sector. Stakeholders in the industry welcomed the suspension as beneficial for the economy.
Zambia has suspended a 15% export duty on gemstones and metals, a reversal of a tax reinstated less than two months ago to increase government revenue. Finance Minister Situmbeko Musokotwane announced this decision to boost competitiveness for local producers in the global market. The government stated this measure will stimulate investment in the mining sector, expanding beyond traditional mineral exports for foreign exchange earnings.
The suspension of the export duty reflects the Zambian government’s response to concerns raised by industry stakeholders about the negative impact of the tax on the gemstones sector. It aims to enhance competitiveness, attract investment, and ultimately increase foreign exchange through diversified exports. This decision has garnered praise from industry leaders who believe it will foster growth in Zambia’s mining industry.
Original Source: nationaljeweler.com
