Situmbeko to present budget early

Finance minister wants to present the budget for 2010 to the national assembly in the third quarter to allow more time for its approval and implementation before the start of the financial year in January.
Zambia wants to change its budget cycle to ensure that the implementation can start with the financial year in January, finance ministry spokesman Chileshe Kandeta said.
“The 2010 national budget is scheduled for presentation before the end of the year, subject to approval of the proposed amendment by Parliament,” he said in a statement.
Until now, Zambia has presented its budget in January, and it has taken up to three months for parliament to approve it.
The ministry has set Aug. 17 as the deadline for stakeholders to submit budget proposals.
The Zambian government is expected to review a number of tax measures introduced for the copper mining sector last year amid a global copper price rally.
Copper prices reached a record high of $8,940 a metric ton in July 2008, before more than halving to below $3,000 a ton in December. This compelled the government to adjust mining taxes. However, global copper prices have since risen to around $5,000 a ton.
Copper mining is the lifeblood of the Zambian economy and Zambia is Africa’s leading copper producer.

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