Monday, June 30, 2008

Zimbabwe: Mining Between a Rock And a Hard Place

30 June 2008 (Allafrica.com)
International condemnation of Robert Mugabe's controversial re-election as president of Zimbabwe has now turned to criticism of foreign businesses operating in the country, which are seen as helping to prop up the regime. Despite the meltdown of the economy, a number of multinational corporations have continued operations in the Southern African country and some have even proposed expansion. Last week mining giant Anglo American announced it would go ahead with a US$400 million plan to open new platinum mine.

Saturday, June 28, 2008

Namibia: New VAT Guidelines

28 June 2008 (New Era)

Prime Minister Nahas Angula has instructed the Ministry of Trade and Industry to come up with practical guidelines to be followed by retailers to ensure total compliance to Government's decision on zero-rating tax on selected food items. This comes after both Parliament and the National Council passed the Value Added Tax (VAT) Amendment Bill.

Friday, June 27, 2008

Tanzania: New steps to net firms claiming tax losses

27 June 2008 (East African)
The days of corporations hiding behind losses to evade paying tax to the Tanzania government are numbered after the recent review of tax rates, fees and other charges, as well as tax administration and collection procedures.

Tanzania:Dar halts tax reforms in mining sector

27 june 2008 (East African)
Mining firms operating in Tanzania have received a temporary relief from tax reforms that were expected to be effected by the government in the financial year 2008/09. Instead Finance and Economic Affairs Minister Mustafa Mkulo in his budget said the government will introduce a 0.3 per cent alternative mining tax on the turnover of companies declaring losses for three consecutive years.

Double taxation still stalks East Africa

27 June 2008 (Daily Nation)
East African finance ministers announced a number of tax reforms in their budget proposals, but yet again remained silent on the double taxation. The continued absence of double taxation agreements among East African Community member states means that companies with branches in other countries within the region will continue to pay stipulated corporate tax in the country hosting their subsidiaries besides the tax they pay in the country where they are headquartered.

Wednesday, June 25, 2008

Ghana: Country to Lose GH¢92.47 Million

25 June 2008 (Allafrica.com)
Ghana is to lose GH¢92.47million as a result of the temporal measures taken by government on the removal of tariffs to cushion the economy. This was made known by the Minister of State at the Ministry of Finance and Economic Planning (MOFEP), Anthony Akoto Osei at a press briefing in Accra.

Ghana: Mining Companies to Pay Higher Tariffs

25 June 2008 (Allafrica.com)
Mining companies in the country would from the beginning of next month (July 1st, 2008) pay higher tariffs on energy (electricity) consumed for their operations. Steel mills and other high voltage consumers of electricity would also be affected.

Saturday, June 21, 2008

Mozambique suspends fuel tax

21 June 2008 (IOL news)
Maputo - The Mozambican government is to temporarily suspended customs duties and value added tax on all imported fuel products, state media reported on Saturday.

Monday, June 16, 2008

Mozambique: Second wave of reforms aims to share wealth

16 June 2008 (Irin News)
After a four year stint working on a South African gold mine in Johannesburg, Orlando Khosa, 33, returned home to Mozambique to establish his own business and eight years later it proved to be a smart business decision. "I used to earn about R2, 000 (US$250) a month at an underground gold mine in Carlton, but the money was not enough and I decided to come back home in the year 2000," Khosa told IRIN

Sunday, June 15, 2008

Tanzania: Talking to Miners is digging the Hole Deeper

15 June 2008 (Allafrica.com)

Last November, Tanzanian President Jakaya Kikwete established a Mining Review Committee chaired by former Attorney-General (retired) Justice Mark Bomani. The 12-member committee was given six months to review the mining regulations and relative taxation, as well as the management/control systems currently in force in the country. It was also mandated to look into extant contracts between multinational miners and the government. The objective was to foster equitability in mining, creating a win-win situation for Tanzanians (the natural owners) and investors (the risk-takers).

Friday, June 13, 2008

Ghana- Government Urged to Reconsider Tax Exemptions to Mining Companies

13th June 2008.(allafrica)
The General Secretary of the General Mine Workers Union (GMWU) Ghana, Mr. Prince William Ankrah has called on government to re-consider the tax concessions given to mining companies that operating in the country. In his view, instead of the nation benefiting from the tax exemptions the companies rather use the funds to employ expatriate workers to the detriment of Ghanaian workers with equal educational qualifications

Thursday, June 12, 2008

South Africa: Fuelling Debate.

12 June 2008 (Allafrica.com)
IF IT is any consolation to our beleaguered government, it is not the only administration in the world that is under pressure to cut fuel taxes to provide relief for hard-pressed consumers. Business and consumer groups have been baying for fuel tax cuts in much of the developed and developing world. It was even an issue during the US presidential nomination process, although now that Hillary Clinton has thrown in the towel, her call for a fuel tax holiday seems to have fallen by the wayside.

Monday, June 9, 2008

Guinea: Winners and Losers in Country's Bauxite Industry

9 June 2008 (Allafrica.com)
With half of the world's known bauxite reserves, Guinea's mining sector is seen as the country's most important engine of growth. But some civil society groups fear the hundreds of thousands of dollars companies should be paying in taxes to support development in villages on mined land does not always get through to the right people. "Companies have been mining here for 36 years and we have never once in that time received taxes from them for using our land," said Helage Suriba Sylla, president of the rural development committee (CRD) which regulates community development in Mambia, which lies in Kindia prefecture, 80 km from the capital Conakry

Tanzania: Row Simmers over Dar's $0.46 Million Payment to UK Firm

9 June 2008 (Allafrica.com)
A row is brewing over the circumstances under which the Ministry of Infrastructure Development directed the Tanzania Ports Authority (TPA) to pay millions of shillings to a UK-based consultancy firm for services it rendered to third parties. The British firm, DLA Piper, was paid for services it had rendered to the Tanzania Airports Authority, which -although also falling under the ministry - is a totally different entity. DLA Piper was asked to carry out a consultancy at the Tanzania Ports Authority (TPA) on two worn-out Single Buoy Mooring (SBM) and Single Point Mooring (SPM) systems at the Dar es Salaam port as well as a consultancy on construction works at the Kilimanjaro and Mwanza airports for the Tanzania Airports Authority (TAA

To discerning Nigerians, the grim reality of the country's sole dependence on income generated from oil revenue is a matter for serious concern. This

9 June 2008 (Allafrica.com)
A row is brewing over the circumstances under which the Ministry of Infrastructure Development directed the Tanzania Ports Authority (TPA) to pay millions of shillings to a UK-based consultancy firm for services it rendered to third parties. The British firm, DLA Piper, was paid for services it had rendered to the Tanzania Airports Authority, which -although also falling under the ministry - is a totally different entity. DLA Piper was asked to carry out a consultancy at the Tanzania Ports Authority (TPA) on two worn-out Single Buoy Mooring (SBM) and Single Point Mooring (SPM) systems at the Dar es Salaam port as well as a consultancy on construction works at the Kilimanjaro and Mwanza airports for the Tanzania Airports Authority (TAA

Sunday, June 8, 2008

Nigeria: Good News from the Tax Sector

8 June 2008 (Allafrica.com)
To discerning Nigerians, the grim reality of the country's sole dependence on income generated from oil revenue is a matter for serious concern. This virtual mono-cultural economic tendency is dangerous as it ties the nation's fortunes to the vagaries of global oil market and the unpredictable socio-political situations in the country's oil producing belt. This is why the country's economy was so badly affected by the international oil glut of the early 1980s. It is currently losing substantial revenue due to the extant volatile situation in the Niger Delta.

Monday, June 2, 2008

Namibia: Mining Earnings Jump 13 Percent

June 2, 2008 (Allafrica.com)
Namibia's mining industry announced a bumper turnover of N$13.8 billion last year, representing a 13 percent increase Value addition generated a record N$5.5 billion contributing almost 12 percent to Namibia's Gross Domestic Product and almost 60 percent to merchandise exports.