Zambia Leader Eyes Swift Deal in $7.9 Billion Mine-Tax Spat
- First Quantum Minerals bill includes $5.7 billion in interest
- Tax authority is autonomous, intervention would be last resort
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Zambian President Edgar Lungu wants his tax authority and First Quantum Minerals Ltd. to speedily resolve a disputed tax bill the copper producer received this week, which at $7.9 billion is bigger than the country’s 2018 budget.
“It’s a policy of government not to interfere with independent assessments made by the tax authority,” Amos Chanda, Lungu’s spokesman, said by phone late Wednesday. “All we do is to encourage quick negotiation of the parties to get to an agreement quickly so that there are no anxieties on both sides.”