Zambia Sugar injects K3.8bn in economy
By BUUMBA CHIMBULU ZAMBIA Sugar Plc injected K3.8 billion in the economy during the past 2016/17 financial year which has seen the company pay total direct tax amounting to K20.3 million
The K3.8 billion, comprise K1 billion in direct impacts and the balance resulting from the multiplier effects of its business operations within the supply chain and wider economy.
According to the company, the development represented a 33 percent increase in the company’s total contribution to the Zambia’s economy compared to 2012/13.
The company explained that spending on local suppliers during the period under review increased significantly to K2.3 billion, payments to employees in the form of salaries, benefits and wages increased by 41 percent to K461 million and the company spent K849 million on capital investments.
Total direct tax paid by the company in 2016/17 therefore amounted to K20.3 million, while indirect taxes totalling K213.8 billion were collected on behalf of the government.
This was revealed in a report undertaken by Corporate Citizenship, an independent, global management consultancy specialising in social impact assessment, sustainability and corporate responsibility.
Commenting on the development, company managing director, Rebecca Katowa, said the institution was committed to the transformation of the business in Zambia.
“As a business, we endeavour at all times to deliver on our shared value mandate, while actively supporting the government's social and economic development agenda. We need an independent benchmark against which to measure our real contribution.
“The last report was completed in 2012/13 and we have assessed our progress against this to ensure we identify gaps – or areas of improvement – early as well as take the time to celebrate achievements,” she said.