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. ... through tax evasion and avoidance." Accusations of Glencore-Zambia tax probe cover-up. 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. [1], Several other NGOs filed a complaint with the OECD in 2011, alleging that Mopani Copper Mines manipulated financial accounts to evade taxation in Zambia. Back Neal Gandhi's tech revolution with The Panoply, MIDAS SHARE TIPS UPDATE: Annoying emails drive a profit surge at Dotdigital with customers including the NHS, MIDAS SHARE TIPS: It can pay to be a patriot! An ongoing row regarding an almost decade-old loan in Zambia has raised real issues over Europe’s multilateral financial architecture. The Court ordered the company to pay additional tax of 240 million Kwacha (USD 13 million). "), Related stories: NGO report claims tax avoidance & tax incentives deprive Zambia of billions of dollars annually; cites Glencore, Vedanta, Associated British Foods as major culprits Zambia: Daily Mail (UK) investigation accuses Glencore of tax avoidance, causing respiratory diseases through pollution, contaminating water supplies [6], But Glencore uses taxing tricks not only in developing countries. minlength: $.validator.format("Geben Sie bitte mindestens {0} Zeichen ein. Made in Cambodia: Textile Lieferketten und die Verantwortung der Investoren am Beispiel Kambodscha, Okkupiert, Annektiert und Profitiert (2019), Tobacco Free Investments: Why banks should end their deadly relationship with Tobacco Companies (2017), Alles im grünen Bereich? The Court ordered the company to pay additional tax of 240 million Kwacha (USD 13 million). '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. “Publish What You Pay” named Glencore the most opaque mining company in terms of tax transparency as they incorporated half of their 46 subsidiaries into tax havens. "), In the Democratic Republic of the Congo, Glencore is accused of profiting from child labor. */ My late stepfather's will mysteriously 'disappeared' - along with my inheritance - now I've found a copy but my stepbrother is ignoring me, Kar-go Delivery Bot: UK's first autonomous electric delivery vehicle. Savior Mwambwa. ... "I regard tax evasion and – indeed – aggressive tax avoidance … They might be giants: Do US smaller companies still offer rich pickings? * Translated default messages for the $ validation plugin. Scottish Mortgage's Tom Slater on how the growth star investments, 'It's a vast area of change': We meet a food fund manager. ", A Swiss commodities company has denied claims it has been involved in transfer pricing and under-reporting profits in Zambia August 6, 2014 0 Comments. Tax row: Mopani copper mine in Zambia By Finbarr Bermingham. Zambia asks Glencore unit to rescind mine shaft closures 2 Min Read FILE PHOTO: The logo of commodities trader Glencore is pictured in front … Safety is our top priority: in Zambia as elsewhere, we are committed to eliminating fatalities and injuries. What... 'A lost year for the UK auto sector': Car registrations... Trading firm Plus500 sees revenues jump 146% as 'record'... December is a record breaker for grocers as shoppers... Reform Britain's tax system before bringing in new wealth... What does a third lockdown mean for motorists? Mining corporations’ tax avoidance schemes cost African nations billions of dollars each year. $.extend($.validator.messages, { British parliamentarians have invited commodities trader Glencore and other unnamed companies in the resources sector to testify next month as part of an inquiry into tax … Zambia: revenues from mining 04 2. Widespread tax avoidance is leaving Zambia short of the money it needs to invest in a decent education for its children. The Zambian tax angency settled disputes with two unnamed mining companies on outstanding tax payments. Tax activists attribute Glencore's low taxable profits in part to deliberately high levels of debt and the use of complicated financing structures to export ... "It's just a tax avoidance scheme. How zambia is losing $3 billion a year from corporate tax dodging 02 Contents Executive Summary 03 1. The bank, the European Union’s financing arm, had Klima- und Umweltschutz auf dem Abstellgleis deutscher Banken (2017), Green Fake: ESG Investments während Covid-19, H&M: Violations of Labor Rights in Uzbekistan, Bangladesh, and Cambodia, ThyssenKrupp and Vale: TKCSA steel complex in Brazil, http://www.publishwhatyoupay.org/resources/piping-profits-secret-world-oil-gas-and-mining-giants, http://www.parliament.uk/business/committees/committees-a-z/commons-select/international-development-committee/inquiries/parliament-2010/tax-in-developing-countries/, http://taxpol.blogspot.de/2012/05/uk-hearings-on-tax-transparency.html, http://www.guardian.co.uk/business/2012/may/08/mining-firms-congo-deals?newsfeed=true. 0. We are no longer accepting comments on this article. A draft Grant Thornton report alleged that tax avoidance by Glencore in Zambia cost the Zambian Government hundreds of millions of dollars in lost revenue. Greener but more expensive: Households are set for gas and electricity price rises in 2021 - as lockdown sends energy use up, New year, new metal: 21 of the best cars arriving in 2021 that you'll soon be able to buy - from affordable superminis to F1-derived hypercars, Car registrations crashed to a 28-YEAR LOW in 2020 as Covid and uncertainty over big-ticket purchases sees sales plunge 29% to just 1.63million. Its repeated rebuttals have often cited the Zambian Revenue Authority, insisting that the tax body was satisfied by Mopani's contribution. 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Why not be the first to send us your thoughts, While the main corporate tax rate in Zambia is … August 5, 2014 by Nick Shaxson Leave a Comment From Christian Aid, a press release aimed concerning possible tax evasion in Zambia, and aimed at UK Chancellor George Osborne: Christian Aid urges George Osborne to intervene on secret bank tax report Christian Aid is appealing to George Osborne to help secure the release of a report by the … The Zambia Sugar Company tax scandal that was exposed by Action Aid is a tip of an ice that is wrecking havoc in the country. How to invest for high income and avoid dividend traps, How to find shares with dividends that can grow: Troy Income and Growth manager, Blue Whale manager: 'We want companies that grow whatever happens', How biotechnology investors can profit from an ageing population and the future of medicine. ", The judgement hinged on Zambia making a technical case showing evidence of tax avoidance through base erosion and profit shifting or BEPS strategies. Glencore on Monday expressed surprise over health and environment officials in Zambia's decision to immediately close a Mopani copper operation over complaints from residents of a nearby town. min: $.validator.format("Geben Sie bitte einen Wert größer oder gleich {0} ein. The tax administration found, that the price paid by Glencore International AG to Glencore Australia for the copper concentrate in the relevant years according to a price sharing agreement was less than the price that might reasonably be expected to have been paid in an arm’s length dealing between independent parties. Glencore-Zambia Tax Evasion Row Shows European Investment Bank Needs to Reform. ", August 5, 2014 by Nick Shaxson Leave a Comment. Kansanshi Mines Plc paid K2.3 trillion and Chambeshi Mines paid K200 billion. Should I sell up or hold my nerve? 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In Zambia alone, Glencore is accused of manipulating its financial accounts in order to reduce its tax bill, deliberately depriving that poverty-stricken nation of much-needed income. European Anti-Fraud Office to investigate Glencore over tax avoidance allegations The European Investment Bank (EIB) has contacted the European Anti-Fraud Office (OLAF) over unusual findings in a draft desktop study of a Glencore subsidiary, Mopani Copper Mines. ASK TONY: Fraudster stole my identity and more than £6k... Is it too late (or too risky) to join the bitcoin... BEN WILKINSON: The cladding scandal has seen homeowners... Covid-busting Bentley posts record global sales in 2020... Easy and most popular DIY investing platform, Max £30 investment trust and shares ISA fee, Online investment advice on Isas and Sipps. "), "), * Locale: DE because of Glencore´s tax avoidance. African nations such as Zambia are often seen as grossly corrupt. The astonishing year that was 2020... and a very socially-distanced Christmas taste test. 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. Allegations that Mopani avoided tax first emerged in a draft audit commissioned by the ZRA and written by international accounting giant Grant Thornton. Glencore headquarters in Baar, ... over allegations that a mine it owns in Zambia may not be paying enough tax on its profits. In 2011, it paid $104 million, and Mopani will have an effective tax rate of 52 percent in 2012, Baar, Switzerland-based Glencore said. or debate this issue live on our message boards. Until now, it appeared that the ZRA was happy with the company's explanation. A spokesman for Glencore (up 5.2p to 520.20p) declined to comment. No comments have so far been submitted. While acknowledging that Glencore and Mopani had always denied the allegations of tax avoidance, Baird said their continued silence was not helping their case. We explain all, ASK TONY: Fraudster stole my identity and more than £6k of my cash, setting up a PayPal account in my name, Is it too late (or too risky) to join the Bitcoin bandwagon? Deutsche Pensionskassen – bereit für nachhaltige Geldanlage? 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. How to invest through a crisis like coronavirus and protect your money? The 311mph supercar Venom F5 worth £2million, 'UK shares can do well when the world reopens': Tom Becket. url: "Geben Sie bitte eine gültige URL ein. Glencore (a Swiss company) tax avoidance strategies (=fully unsustainable and unethical conduct). First Quantum paid $224 million in Zambian taxes … The charity has written to the Chancellor about the European Investment Bank’s formal refusal to publish its report into allegations that a mining company controlled by multinational Glencore evaded tax in Zambia, one of the world’s poorest countries. London-listed Glencore said it has suspended some of its planned $800 million copper projects in Zambia after the government withheld $200 million in tax refunds. Millions of Virgin Media customers will see prices rise by up to £54 a year from March: Are other broadband suppliers following suit? Should I sell up or hold my nerve? Hope that someone will find data of the company activities in recently leaked banking data. "), Earlier this month the Lusaka Times published a claim that multinational mining companies were “robbing Zambia of an estimated $3billion annually through tax evasion and illicit financial flows.” The claim that Zambia is losing $2 or 3 billion to the mining industry and Swiss commodities traders has been in circulation for some time. The findings of a two-year investigation into possible tax avoidance by a Zambian copper operation of Swiss commodities giant Glencore (LON:GLEN) will not … email: "Geben Sie bitte eine gültige E-Mail Adresse ein. Glencore is one of the few major minerals companies which has not. We do not write articles to promote products. The government looses £ 76 million a year (€ 88 mio.) Ford unveils an electric transit van with a 217-mile range, Electric cars could reap benefits from new green number plates, Bentley blower is back! Glencore: tax dodging in Zambia. The row over Mopani comes amid a backdrop of international measures to force greater transparency in the mining sector. Mopani Copper Mines has paid $425.1 million in taxes and royalties to Zambia since Glencore bought 73.1 percent of the operation in 2000, the world’s largest commodity trader said in … in developing countries, including a Glencore subsidiary in Zambia. A Swiss commodities company has denied claims it has been involved in transfer pricing and under-reporting profits in Zambia Glencore FD says that the commodoties giant will publish more details about its tax liabilities How to invest in the new era of falling interest rates, How to profit from green energy, reducing waste and boosting recycling, How to get a near 6% yield by tapping into Asia's dividends: Henderson Far East Income's manager, The UK is cheap and shares could bounce back: Fund managers' tips on picking funds and trusts, How to find the best British companies to invest in and not worry about Brexit. If you click on them we may earn a small commission. I still haven't got a voucher I bought as a Christmas present but the retailer says it was sent out: Do they or Royal Mail owe me a refund? rangelength: $.validator.format("Geben Sie bitte mindestens {0} und maximal {1} Zeichen ein. Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. In Zambia alone, Glencore is accused of manipulating its financial accounts in order to reduce its tax bill, deliberately depriving that poverty-stricken nation of much-needed income. Glencore, the newly floated commodities company insisted that it would maintain its stance on duties paid by its Mopani Copper Mines unit until presented with conclusive proof of tax avoidance. The European Investment Bank has suspended all new financing to Glencore owing to concerns over the company’s alleged tax avoidance in Zambia. Glencore Secret tax report on Glencore withheld by EIB – why? The drive has seen mining giants such as Anglo American, BHP Billiton and Rio Tinto pledge support for the EITI. or debate this issue live on our message boards. Glencore-Zambia Tax Evasion Row Shows European Investment Bank Needs to Reform. Earlier this month the Lusaka Times published a claim that multinational mining companies were “robbing Zambia of an estimated $3billion annually through tax evasion and illicit financial flows.” I have written about the Zambia Copper Are 'cheap' bank shares an opportunity to profit or a value trap? MPs have invited commodities trader Glencore and other unnamed companies in the resources sector to testify next month as part of an inquiry into tax in developing countries. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Get a discount code to save on your internet security, Discover a range of promo codes on kitchen appliances, Get great deals on existing and new plans, Upgrade your phones with these mobile deals, Click through to score Dell's discount code, Retirements in ruins: Cladding scandal sees buy-to-let investors left high and dry - with plans in tatters and properties almost worthless, Here we go again! The tax administration found, that the price paid by Glencore International AG to Glencore Australia for the copper concentrate in the relevant years according to a price sharing agreement was less than the price that might reasonably be expected to have been paid in an arm’s length dealing between independent parties. Mining firm under fire over tax payments in Zambia 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.'. range: $.validator.format("Geben Sie bitten einen Wert zwischen {0} und {1}. max: $.validator.format("Geben Sie bitte einen Wert kleiner oder gleich {0} ein. Lire ce blog en français In May 2020, the Zambian Revenue Authority (ZRA) won a landmark tax case against Mopani Copper Mining plc in the Supreme Court. ", required: "Dieses Feld ist ein Pflichtfeld. 04/08/2014. date: "Bitte geben Sie ein gültiges Datum ein. A British tax expert alleged the company of raising costs of its UK based subsidiary through buying complex insurance contracts with the parent in low-tax Switzerland worth 122.8 m US$. number: "Geben Sie bitte eine Nummer ein. digits: "Geben Sie bitte nur Ziffern ein. 15 April 2011. 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. That helps us fund This Is Money, and keep it free to use. because of Glencore´s tax avoidance. By Finbarr Bermingham, originally appeared in the International Business Times. Tax incentives 14 5. NGOs accused Glencore of tax evasion and involvement in corruption. equalTo: "Bitte denselben Wert wiederholen. The European Investment Bank will not make public the findings of a 2-year tax-avoidance investigation into the Swiss giant's Zambian copper operation. Some links in this article may be affiliate links. ", In Zambia, Glencore’s subsidiary Mopani Copper Mines has successfully avoided paying profit tax – despite a copper price boom – and is thus diminishing the potential benefits for the country and its people. The avoidance was alleged to have been facilitated through mechanisms such as transfer pricing and inflated costs at Glencore… 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. The judgement hinged on Zambia making a technical case showing evidence of tax avoidance through base erosion and profit shifting … maxlength: $.validator.format("Geben Sie bitte maximal {0} Zeichen ein. What does the vaccine rally and US election mean for shares? If the estimate is correct, it would be roughly double the country’s health budget in 2007.34 The government looses £ 76 million a year (€ 88 mio.) ... established that Africa loses over $50 billion a year through tax avoidance and fraud schemes largely perpetrated by multinational corporations operating in Africa. "), In its Interim Report 2011 (p. 24), Glencore said that the “Zambian Revenue Authority is currently undertaking a review of prior tax years”, which may be related to these allegations. [7], [1] http://www.publishwhatyoupay.org/resources/piping-profits-secret-world-oil-gas-and-mining-giants, [3] http://www.parliament.uk/business/committees/committees-a-z/commons-select/international-development-committee/inquiries/parliament-2010/tax-in-developing-countries/, [4] http://taxpol.blogspot.de/2012/05/uk-hearings-on-tax-transparency.html, [5] http://www.thisismoney.co.uk/money/markets/article-2108904/MPs-eager-grill-Glencore-boss-Ivan-Glasenberg-tax.html#ixzz1oLCSEzAN, [6]  http://www.guardian.co.uk/business/2012/may/08/mining-firms-congo-deals?newsfeed=true, [7] http://www.londonmediaclub.org/glencore-accused-of-slashing-tax-bill-by-using-complex-insurance-deals.html. This “low profile” (=highly secretive) company is a master using “large scale highly sofisticate” tax avoidance and “transfer price schemes). British marque completes reborn 1920s racer, Lord Blunkett 'never envisaged' disabled Child Trust Fund issues, UK's first autonomous electric delivery vehicle revealed, UK's first garage for charging electric vehicles opens in Braintree, The all new Toyota Mirai 2021 hydrogen fuel cell car. We do not allow any commercial relationship to affect our editorial independence. A complaint over tax payments by a Glencore subsidiary could prompt the Zambian government to undertake an audit of all mining companies to assess how much tax they owe. Zambia: Glencore in Zambia - the Tax Questions That Persist ... Bloomberg news agency reported a Zambian government finance minister complaining that tax avoidance … ", Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Several other NGOs filed a complaint with the OECD in 2011, alleging that Mopani Copper Mines manipulated financial accounts to evade taxation in Zambia. The findings of a two-year investigation into possible tax avoidance by a Zambian copper operation of Swiss commodities giant Glencore (LON:GLEN) will not be made public by The European Investment Bank. 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What next for Neil Woodford and his investors? What kind of rescue could trigger a stock market bounce back? Here we go again! In 2005, the EIB – which is owned by EU member states and in 2013 provided some $75 billion... - Continue reading As part of our SafeWork programme, in 2016 we launched a safety campaign at Mopani called Doing it Right – aiming to clearly define our expectations and empower supervisors to put the SafeWork principles in … To £54 a year from March: are other broadband suppliers following suit Zambia short of company! A value trap banking data findings of a 2-year tax-avoidance investigation into the Swiss giant 's copper... Mio. the notion that the ZRA was happy with the company 's explanation, then so too the. Loan in Zambia has raised real issues over Europe ’ s financing arm, Glencore. And keep it free to use: tackle tax avoidance strategies ( =fully unsustainable and conduct... 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