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90% of gold mined & exported from Zambia dodging tax

By Tyndale Muchiya

The Federation of Small-Scale Mining Associations of Zambia (FSSMAZ) has warned about the continued rampant smuggling of gold, warning that nearly 90% of all gold produced in Zambia is still being illegally exported, depriving the country of vital tax revenue and foreign exchange.

A massive gap had emerged in Zambia’s gold trade data after official data revealed that in 2023, the United Arab Emirates (UAE) reported importing nearly $2 billion worth of gold from Zambia. In 2023, Zambia exported gold worth $1.7 billion to the United Arab Emirates (UAE) alone, but the Ministry of Mines and Customs data from the Zambia Revenue Authority (ZRA) only recorded paltry exports, which have not led to gold mineral taxes contributing anything significant to the treasury.…Get your copy via link https://zambianbusinesstimes.com/subscribe_to_zambian.../ to read these and many more insightful stories