Zambian Annual Budget Discussion Breakfast
Zambian Finance Minister, Alexander Chikwanda presented the national budget on 10 October 2014. Three days later, KPMG Zambia hosted the third annual Budget Discussion Breakfast at Hotel Intercontinental in Lusaka. With support from Project Africa in the form of CNBC Africa coverage the breakfast took on a new format with KPMG Partners and Directors presenting highlights of the budget followed by a panel discussion thereafter. The most significant change in the 2015 budget was the replacement of corporate taxes on mining activities with increased mineral royalties. The government position was that these measures had introduced to address an imbalance in which only two mining companies were paying taxes. On hand to express that view was the Minister of Mines Honourable Christopher Yaluma who graced the occasion.
Discussants included the following:
- Robert Liebenthal – Vice President, Economics Association of Zambia
- Jackson Sikamo – President, Chamber of Mines of Zambia
- Leonard Mwanza, Chief Executive, Bankers Association of Zambia
- Peter Phiri, Director, Large Taxpayer Office, Mining, Zambia Revenue Authority
- Reuben Kunda, Deputy Commissioner, Customs & Excise, Zambia Revenue Authority
- Kayula Chifwembe Chief Budget Analyst, Ministry of Finance
CNBC television anchor Godfrey Mutizwa facilitated a lively debate that drew the Minister in for a full hour longer than scheduled and elicited views from across all the stakeholder groups represented. Upward of 180 KPMG clients were party to an open discussion that addressed how the key measures were arrived at, what they were intended to achieve and how they would be implemented. As one of the fastest growing economies in Africa, Zambia sparks the interest of business people across the continent and the CNBC coverage showcases our role as technical experts who can bring all of the decision makers around the table for the benefit of our clients.