CABINET APPROVES 60 RETIREMENT AGE

CABINET has approved a Bill to increase the retirement age from 55 to 60, says Acting Chief Government Spokesperson Ngosa Simbyakula.

Dr Simbyakula told a media briefing in Lusaka yesterday that apart from the 60 retirement age, Cabinet also provided for early retirement at 55 and late retirement at 65.

And the Cabinet has also approved the Income Tax Amendment Bill for 2015 which seeks to implement the proposed changes to the mining tax Regime.

Acting Chief Government spokesperson Ngosa Simbyakula told a media briefing in Lusaka yesterday that apart from the 60 retirement age, Cabinet also provided for early retirement at 55 and late retirement at 65.

Dr Simbyakula said the Cabinet also decided to approve the National Pensions Scheme Amendment Bill to increase the retirement age as the case was with the Local Authority Superannuation Fund Amendment Bill.

He explained that the approved income tax adjustment for 2015 was aimed at increasing the corporate income tax for mining operations from zero percent to 30 percent.

Mr Simbyakula said the Bill would introduce a variable profit tax of up to 15 percent for mining operations and increase the corporate income tax rate for mineral processing from 30 percent to 35 percent.

“It will also limit the deduction of losses for mining operations 50 percent of taxable profit for each charge year,” Mr Simbyakula said.

He said under the Mines and Mineral Development Bill, 2015 legislation, Cabinet decided that the Mineral Royalty Tax be set at 9 percent for open cast mining operations and 6 percent for underground mining operations.

“The Bill further seeks to revise the law relating to the exploration, mining and processing of minerals, provided for safety, health and environmental protection in mining operations,” he said.

Mr Simbyakula said Government approved the commencement of the formulation of the Seventh National Development plan for the period 2017 to 2021 and the roadmap for the process.

“This is due to the fact that the current Revised National Development Plan on which the development process for the Government is based is coming to an end in 2016,” he said.

Dr Simbyakula said the Cabinet had also decided to approve the double taxation agreement between the Government of the Republic of Zambia and the Kingdom of the Netherlands.

He said Cabinet came up with the decision to avoid double taxation and the prevention of fiscal evasion with respect to taxes on income.

Dr Simbyakula said Cabinet had further agreed to repeal the Gold Trade Bill for 2015 which seeks to repeal the Gold Trade Act, Cap. 396, in order to avoid duplicity as dealing in gold would be provided for in the revised Mines and Minerals Development Act of 2015.

He said Cabinet had also approved the appointment of seven board members to serve on the National Prosecution Authority under Act, No. 34 of 2010.

The new board will to replace the previous one which was dissolved on May 13.

“Under the National Child Policy 2015 the Cabinet has agreed to revise the Draft National Child Policy and its implementation framework,” Dr Simbyakula said.

He said since the last review in 2006, a number of issues had emerged that were impacting negatively on the welfare of children.

“These include early and forced child marriages, children living with HIV/AIDs, increase in circumstantial children, infant morbidity and mortality rate, poverty, malnutrition as well as juvenile delinquency. Other emerging issues include children in contact with the law, children and information, communication and technology (ICT),” he said.

 

 

Categorized | Business

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