Zambia Tax Body Demands More Taxes From Mopani Copper Mines

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cphil31

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Message Mar 7 Juin 2011 08:53

Zambia Tax Body Demands More Taxes From Mopani Copper Mines

Zambia's state tax body has asked the country's second-largest mining company, Mopani Copper Mines, to pay more taxes following an audit into the company's tax returns for 2006-2008, government officials said late Monday.

An official with the Zambia Revenue Authority said that Mopani, a unit of Swiss commodity trader Glencore International PLC (GLEN.LN), had been asked to pay more taxes after auditors hired by the government detected discrepancies in its returns.

"An independent evaluation of the revenue figures submitted by Mopani for tax administration is still ongoing," he said, adding that the company had been asked to voluntarily pay the taxes it "evaded" before ZRA comes up with its own figures.

A company spokeswoman in Zambia couldn't immediately comment.

Mopani has in the past dismissed allegations contained in the audit report. The audit, commissioned by Zambia's government last year, concluded that there were inconsistencies in production and revenue figures submitted by Mopani to the ZRA.

Tax consultancies Grant Thornton and Econ Poyry said that Mopani uses its relationship with its parent company, Glencore, to carry out practices such as inflating operational costs, the underpricing of copper, irregular hedging and "transfer pricing" with Glencore's unit in the U.K.

Transfer pricing usually refers to allocation of assets between related entities, sometimes at non-market prices.

The audit said that Glencore, which is also the sole purchaser of Mopani's copper, determines prices and that some copper from the mine was sold between 2006 and 2008 under an old contract, in one instance 25% below the London Metal Exchange price.

Allegations of tax avoidance have renewed calls for a vigorous audit of Zambia's entire mining sector.

Earlier this year, Zambia's Extractive Industries Transparency Initiative Council said there was a discrepancy of at least 247 billion Zambian Kwacha ($52 million) between what companies paid and what was recorded by government in 2008 alone.

Mopani operates the Mufulira smelter and underground mine in Zambia as well as the Nkana mine. In addition to concentrates from its mines, the Mufulira smelter also treats concentrates from First Quantum Minerals Ltd.'s (FM.T) Kansanshi mine.

-By Nicholas Bariyo, contributing to Dow Jones Newswires; 256-75-2624615 bariyonic@yahoo.co.uk

http://in.advfn.com/news_Zambia-Tax-Bod ... 67211.html
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Message Mar 7 Juin 2011 10:44

Zambia asks Glencore unit for "underpaid" taxes

Zambia asks Glencore unit for "underpaid" taxes
By Chris Mfula
LUSAKA | Mon Jun 6, 2011 5:28pm EDT

(Reuters) - Zambia has asked commodity trader Glencore's (GLEN.L) Mopani Copper Mines for unpaid taxes after an audit of the subsidiary, leaked earlier this year, said it had underpaid mining dues, the country's finance minister said.

But Zambia is leaving the door open for a deal with Glencore. Finance Minister Situmbeko Musokotwane told Reuters on Monday that the government hoped to resolve the long-standing issue and was giving Mopani a chance to respond.

Mopani has been accused by some non-governmental organizations -- most recently by campaign groups in an open letter signed by a group of European parliamentarians -- of tax evasion and of causing widespread pollution.

Last week the European Investment Bank, the European Union's lending institution, said it had frozen all new loans to Glencore and its subsidiaries, citing "serious concerns" over the commodity trader's governance.

Most of the claims stem from a pilot audit commissioned by Zambian tax authorities, which leaked earlier this year.

Glencore has repeatedly denied the allegations in the audit report and says they are based on an incomplete study. The commodities giant, which has said it believes it will be completely exonerated, had no further comment on Monday.

"The Zambia Revenue Authority has asked Mopani to pay more money in underpaid taxes, but they must be given a chance to respond," Zambia's Musokotwane said in an interview.

Musokotwane did not detail how much was owed, but he said Mopani had been asked to pay more. He said if the company's response did not hold up to scrutiny, it would be hit with a bigger tax bill.

"If their answers are satisfactory we will go by what they submit, but if they are not satisfactory we will adjust their tax liability upwards to the figure that the Zambia Revenue Authority has asked them to pay," he said.

"We are very confident that this matter will be resolved amicably and are just waiting to hear from Mopani," Musokotwane added.

Glencore is the world's largest diversified commodities trader and listed on the London Stock Exchange in May.

Mopani, in which Canada's First Quantum (FM.TO) and the Zambian state own minority stakes, has generated more than $380 million in tax payments to the Zambian government since its privatization in 2000, through royalties, import and customs duties and income taxes.

Transparency in Africa's resources sector is a huge issue, and corruption and underdevelopment linked to it are behind a U.S. drive to force companies to come clean on their payments to foreign governments.

(Additional reporting Clara Ferreira Marques; Editing by Ed Stoddard, Alexander Smith and Steve Orlofsky)
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Toinou

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Message Mar 7 Juin 2011 13:02

Re: Zambia Tax Body Demands More Taxes From Mopani Copper Mines

trad Cphil :


le corps de la Zambie a demandé à l'Etat l'impôt société minière du pays le deuxième plus grand, Mopani Copper Mines, de payer plus d'impôts suite à un audit dans les déclarations de revenus de l'entreprise pour la période 2006-2008, des représentants du gouvernement a déclaré lundi soir.

Un officiel de l'Autorité fiscale de la Zambie a déclaré que Mopani, une unité de produits de base suisse Glencore International PLC trader (GLEN.LN), a été invité à payer plus d'impôts après vérificateurs engagés par le gouvernement a décelé des écarts dans ses déclarations.

"Une évaluation indépendante du chiffre d'affaires présenté par Mopani pour l'administration fiscale est toujours en cours, at-il dit, ajoutant que la compagnie avait été demandé de payer volontairement des taxes qu'elle" échappé "avant ZRA arrive avec ses propres chiffres.

Un porte-parole de la société en Zambie ne pouvait pas immédiatement commenter.

Mopani a dans le passé, a rejeté les allégations contenues dans le rapport d'audit. L'audit, commandé par le gouvernement de la Zambie l'année dernière, a conclu qu'il y avait des incohérences dans les chiffres de production et les revenus soumis par Mopani à la ZRA.

L'impôt de consultants Grant Thornton et Econ Pöyry dit que Mopani utilise ses relations avec sa société mère, Glencore, pour mener à bien des pratiques telles que gonfler les coûts d'exploitation, la sous-évaluation de cuivre, de couverture irrégulière et «prix de transfert" avec l'unité de Glencore au Royaume-Uni

Les prix de transfert se réfère généralement à l'allocation d'actifs entre les entités liées, parfois à des prix hors marché.

La vérification a dit que Glencore, qui est aussi le seul acheteur de cuivre Mopani, détermine les prix et que certains de cuivre de la mine a été vendue entre 2006 et 2008 en vertu d'un ancien contrat, dans un cas, 25% en dessous du prix London Metal Exchange.

Allégations de l'évasion fiscale ont renouvelé leurs appels pour un audit vigoureuse du secteur minier de la Zambie ensemble.

Plus tôt cette année, la Zambie Extractive Industries Transparency Initiative du Conseil a dit qu'il y avait un écart d'au moins 247 milliards Kwacha zambien (52 millions de dollars) entre ce que les sociétés payé et ce qui a été enregistrée par le gouvernement en 2008 seulement.

Mopani exploite la fonderie et la mine souterraine Mufulira en Zambie ainsi que la mine de Nkana. En plus de concentrés à partir de ses mines, de la fonderie de Mufulira traite également des concentrés de s First Quantum Minerals Ltd (FM.T) Kansanshi mine.

-Par Nicolas Bariyo, contribuant à Dow Jones Newswires; 256-75-2624615 bariyonic@yahoo.co.uk

http://in.advfn.com/news_Zambia-Tax-Bod ... 67211.html



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Message Mar 7 Juin 2011 17:05

Zambia asks Glencore’s Mopani to pay back the money it stole

Zambia asks Glencore’s Mopani to pay back the money it stole in tax evasions
Tuesday, June 7, 2011, 14:50 News46 comments
Controversial commodities giant Glencore today faced further questions over the way it does business around the world after Zambia demanded its Mopani copper mines pay more taxes to make up for underpayment in previous years.
The Zambian government called in accountants Grant Thornton to investigate the tax affairs of the country’s second-biggest miner last year. The report found Mopani underpriced the value of copper it sold to its sole customer – Glencore – to reduce its tax bill. Other alleged practices in the report include inflating personal costs.
Zambia has asked the company to pay the taxes it “evaded” voluntarily.
And in a separate interview with Reuters, Zambia Finance minster Situmbeko Musokotwne said, even though Zambia Revenue Authority has asked Mopani to pay more money in underpaid taxes, Mopani must be given a chance to respond.
Musokotwane did not detail how much was owed, but he said Mopani had been asked to pay more. He said if the company’s response did not hold up to scrutiny, it would be hit with a bigger tax bill.
“If their answers are satisfactory we will go by what they submit, but if they are not satisfactory we will adjust their tax liability upwards to the figure that the Zambia Revenue Authority has asked them to pay,” he said.
http://www.zambianwatchdog.com/?p=14155
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Le Niçois

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Message Mar 7 Juin 2011 18:18

Re: Zambia Tax Body Demands More Taxes From Mopani Copper Mines

en plus de l'arrangement fiscal à venir, entre le GRZ et Glencore , puisque l'ipo de Mopani a bien marché, ça devrait nous rehausser notre valeur, non?...
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Message Mer 8 Juin 2011 11:33

Blow for Glencore over Zambian tax avoidance allegations

Blow for Glencore over Zambian tax avoidance allegations
By ROB DAVIES
Last updated at 12:35 AM on 8th June 2011

Glencore has been left with egg on its face after Zambia’s finance minister blew apart a key plank of its public defence against allegations of tax avoidance.
The London-listed commodities trader has strenuously denied claims, first revealed in the Mail, that Zambian subsidiary Mopani Copper Mines manipulated its accounts to avoid tax. Its repeated rebuttals have often cited the Zambian Revenue Authority, insisting that the tax body was satisfied by Mopani’s contribution.
But a top government minister poured cold water on the notion that the ZRA had received its fair share from the Glencore subsidiary.
taxing times.jpg

Bitter blow: Glencore has been left with egg on its face after Zambia's finance minister blew apart a key plank of its public defence against allegations of tax avoidance
Finance minister Situmbeko Musokotwane said: ‘The Zambia Revenue Authority has asked Mopani to pay more money in underpaid taxes, but they must be given a chance to respond.’
He did not put a price tag on the ZRA’s demand, but said Mopani would be slapped with an even more swingeing tax bill if it doesn’t offer to pay more.

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Latest Glencore share price {thisismoney.co.uk}
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‘If their answers are satisfactory we will go by what they submit, but if they are not satisfactory we will adjust their tax liability upwards to the figure that the ZRA has asked them to pay,’ he said.
A spokesman for Glencore (up 5.2p to 520.20p) declined to comment. Allegations that Mopani avoided tax first emerged in a draft audit commissioned by the ZRA and written by international accounting giant Grant Thornton.
Glencore insists that the report is not only incomplete, but flawed because it does not take into account the fact that Mopani processes minerals for other companies. Until now, it appeared that the ZRA was happy with the company’s explanation.
But industry sources suggested that its appetite for tapping Glencore for more tax revenues may have been whetted by complaints raised by European politicians and campaign groups about Mopani.
The European Investment Bank subsequently froze new lending to Glencore subisidiaries, pending an investigation into the tax affairs of Mopani, which has paid £230m to the ZRA since 2000.
The row over Mopani, pictured above, comes amid a backdrop of international measures to force greater transparency in the mining sector. The US is implementing new legislation via the Dodd-Frank Act, while the EU is preparing similar instruments.
The drive has seen mining giants such as Anglo American, BHP Billiton and Rio Tinto pledge support for the EITI.
Glencore is one of the few major minerals companies which has not.


Read more: http://www.thisismoney.co.uk/money/arti ... z1Ofu42HXA
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frédéric

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Message Jeu 9 Juin 2011 21:41

Re: Zambia Tax Body Demands More Taxes From Mopani Copper Mines

Reuters reported that Zambia has asked commodity trader Glencore's Mopani Copper Mines for unpaid taxes after an audit of the subsidiary, leaked earlier this year said it had underpaid mining dues. But Zambia is leaving the door open for a deal with Glencore.

Mr Situmbeko Musokotwane finance minister of Zambia said that the government hoped to resolve the long standing issue and was giving Mopani a chance to respond.

Mopani has been accused by some non governmental organizations most recently by campaign groups in an open letter signed by a group of European parliamentarians of tax evasion and of causing widespread pollution.

Last week the European Investment Bank, the European Union's lending institution, said it had frozen all new loans to Glencore and its subsidiaries, citing serious concerns over the commodity trader's governance. Most of the claims stem from a pilot audit commissioned by Zambian tax authorities, which leaked earlier this year.

Mr Musokotwane said that "The Zambia Revenue Authority has asked Mopani to pay more money in underpaid taxes, but they must be given a chance to respond. Mopani had been asked to pay more. If the company's response did not hold up to scrutiny, it would be hit with a bigger tax bill. If their answers are satisfactory we will go by what they submit but if they are not satisfactory we will adjust their tax liability upwards to the figure that the Zambia Revenue Authority has asked them to pay.”

He said that we are very confident that this matter will be resolved amicably and are just waiting to hear from Mopani. Glencore is the world's largest diversified commodities trader and listed on the London Stock Exchange in May.

(Sourced from Reuters)
http://www.steelguru.com/metals_news/Za ... 08982.html
Thursday, 09 Jun 2011

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