Glencore to increase tax transparency

COMMODITIES GIANT Glencore has promised greater transparency in its tax affairs following its flotation on the London stock exchange.

The company has been criticised for failing to pay taxes in Zambia, one of the world’s poorest nations. The Daily Mail reports that Glencore has maintained its innocence and finance director Steve Kalmin has indicated that it will be more transparent.

“I’ve seen one particular company publish something on their tax payments and we would certainly look to do something on that going forward,” he said.

This pledge came as it released its debut results as a public company, which showed net income was up by 47% to £794 in the first three months.
Glencore has previously had to refute allegations of underpaying tax in Zambia, saying that its subsidary, Mopani mining company, had been correctly calculated.

However, Zambian finance minister said Situmbeko Musokotwane said the Zambia Revenue Authority has asked Mopani to pay more money and a failure to do so would increase the company’s tax liabilities.



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