Mainly relates to the ramp up costs in development of Sentinel mine. FQM say they think that there will turn out to be a small proportion of misreported importation codes, as already documented and checked.
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Phillip Pascall, Chairman FQM: says disputed tax bill relates to errors on duty rates for consumables between Jan 2012- Dec 2017 $ 540m worth of imports (20,000 bills of entry) assessed with 15% duty rate - ZRA says should have been assessed at 25%
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Disputed tax c $150 m penalties $2.1bn, interest $5.7 bn. Investor notes underlying disputed tax amount is the same as VAT refunds outstanding from gov. "do you think this is connected?"
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FQM note that it is unusual for this information to be in the public domain. It is a breach of taxpayer confidentiality for ZRA to put out the details of the tax bill to the press.
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FQM: "We have seen similar things in the past. We have seen preliminary audits coming up with unusual figures, which then get adjusted down. The numbers are a bit different here, but what is most unusual is that it has been made public. "
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FQM: No engagement with presidency <in answer to question 'is this like Acacia?'> New Mining and Fin Min recently. We have only had contact with ZRA on this. We will engage with ZRA in normal way ... It is a Zambia tax matter, expect it to be resolved in Zambia
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End of conversation
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What was the correct rate that should have been applied?
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That's the question! Depends on different product categories. I wrote up what we know so farhttps://www.linkedin.com/pulse/zambia-billions-maya-forstater …
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