Ghana plans to raise the taxes paid by miners in the country to
help fund infrastructure projects and other social benefits, the
minister of finance said in a budget statement presented to
parliament Wednesday.
Starting in the fiscal year 2012, the corporate tax rate for
mining companies will rise to 35% from the current 25%. Minister
Kwabena Duffuor also said a windfall profit tax of 10% will be
collected from all mining companies.
"Although mining is one of the leading sectors in the country,
the economic and social benefits that the sector provide do not
meet our expectations," Duffuor said.
Ghana isn't the only one raising mineral taxes. This month
Zambia's new government said it will double the mineral royalty tax
paid by miners to the country to 6%. A royalty tax is a form of
resource rent that mining companies pay to the government for the
licence to extract minerals.
Tanzania is trying to pass a mineral tax that would increase
what miners pay to the government.
The International Monetary Fund has been encouraging Ghana to
raise its mineral taxes. Following a country visit at the end of
October, IMF representative Christina Daseking said it "supported"
Ghana's adoption of additional tax policies particularly in the
area of natural resources.
Natural resource taxation in Ghana is low compared to neighbor
countries, Daseking said.
Natural resources companies operating in Ghana include Tullow
Oil PLC (TLW.LN) and gold miners Gold Fields Ltd. (GFI) and
AngloGold Ashanti Ltd. (AU).
-By Devon Maylie, Dow Jones Newswires; +27 11 783 7848;
devon.maylie@dowjones.com