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| Miles Sampa |
TRNASFER pricing is daylight
robbery worse than slave trade, Deputy Finance Minister Miles Sampa has said.
Addressing scholars during a panel discussion organided by the Africa Caucus at the Harvard Kennedy School of Government themed “AFRICA ON THE MOVE; A DISCUSSION WITH EXPERTS FROM THE FIELD”, Sampa observed that through transfer pricing, most investors ensure that they had no profits or income indicated in their financial books for tax purposes.
He noted that if no profit was made then the investors would not pay taxes.
”In Zambia, expenditure is not the country’s immediate concern, but tax evasion and tax avoidance by multi-national investors in mining and agriculture,” Sampa said. “The ultimate result is that the parent companies in the West become richer while Zambia lose out and is left without anticipated income for the treasury to use to uplift living standards of the poor majority that live below the poverty datum line.”
Sampa called on scholars in business management, economics and government policy at Harvard University to take keen interest in Africa.
He noted that Africa was endowed with huge reserves of raw materials that ranged from minerals to oil in addition to its vast natural resources, rapid economic and population.
Sampa encouraged scholars to undertake research topics that highlighted not only the huge economic potential in Africa but also vices that still deprive its people of their resources or raw materials like transfer pricing.
He told the scholars that Africa’s growth rate had gone up and
was slowly rivaling Asia’s overall growth at the height of the tiger economy era of the 90s.
“The World Bank predicts that the continent could be on the brink of economic take off, much like China was 30 years ago and India 20 years ago. Additionally you may also wish to know that according to the United Nations Development Program, Africa could reach 7 per cent by 2015,” he said.
Sampa also observed that Africa was becoming an increasingly attractive hub for foreign investors in light of various economic, political and social reforms that were sweeping through the continent, resulting in a much improved business environment conducive for foreign direct investment.
He told his audience that Zambia was an attractive investment destination with good opportunities in agriculture, tourism, manufacturing, energy and mining.
Other panelists at the discussion included Ambassador Amina Ali the Ambassador of
the African Union to the USA, Charles Boamah the Vice President of Finance at the Africa Development Bank and an entrepreneur based in the USA originally from Ivory Coast Amadou Sanankoua.
Addressing scholars during a panel discussion organided by the Africa Caucus at the Harvard Kennedy School of Government themed “AFRICA ON THE MOVE; A DISCUSSION WITH EXPERTS FROM THE FIELD”, Sampa observed that through transfer pricing, most investors ensure that they had no profits or income indicated in their financial books for tax purposes.
He noted that if no profit was made then the investors would not pay taxes.
”In Zambia, expenditure is not the country’s immediate concern, but tax evasion and tax avoidance by multi-national investors in mining and agriculture,” Sampa said. “The ultimate result is that the parent companies in the West become richer while Zambia lose out and is left without anticipated income for the treasury to use to uplift living standards of the poor majority that live below the poverty datum line.”
Sampa called on scholars in business management, economics and government policy at Harvard University to take keen interest in Africa.
He noted that Africa was endowed with huge reserves of raw materials that ranged from minerals to oil in addition to its vast natural resources, rapid economic and population.
Sampa encouraged scholars to undertake research topics that highlighted not only the huge economic potential in Africa but also vices that still deprive its people of their resources or raw materials like transfer pricing.
He told the scholars that Africa’s growth rate had gone up and
was slowly rivaling Asia’s overall growth at the height of the tiger economy era of the 90s.
“The World Bank predicts that the continent could be on the brink of economic take off, much like China was 30 years ago and India 20 years ago. Additionally you may also wish to know that according to the United Nations Development Program, Africa could reach 7 per cent by 2015,” he said.
Sampa also observed that Africa was becoming an increasingly attractive hub for foreign investors in light of various economic, political and social reforms that were sweeping through the continent, resulting in a much improved business environment conducive for foreign direct investment.
He told his audience that Zambia was an attractive investment destination with good opportunities in agriculture, tourism, manufacturing, energy and mining.
Other panelists at the discussion included Ambassador Amina Ali the Ambassador of
the African Union to the USA, Charles Boamah the Vice President of Finance at the Africa Development Bank and an entrepreneur based in the USA originally from Ivory Coast Amadou Sanankoua.
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