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Ghana to table mining windfall tax bill to parliament

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Article
24 January 2014

Update 2 - Ghana puts plans for mining windfall tax on hold

Author: Matthew Mpoke Bigg, Reuters

Ghana has put on hold plans to introduce a windfall tax on mining profits, Finance Minister Seth Terkper [has said]... the decision comes after...companies warn[ed]...it would lead to job cuts due to a steep fall in gold prices... "They (mining firms) won't allow us to implement the windfall tax in our country," President John Mahama said at the World Economic Forum in Davos..."They threatened to lay off workers if we implement [it].... and because you need...jobs and you don't want workers laid off then you are coerced to go along," he said... Ghana Chamber of Mines[‘]...Toni Aubynn...said..."I don't think that[this] is the final death of windfall profit tax. If companies are making windfall profit it's only fair that they share that with stakeholders,"...[refers to AngloGold Ashanti, Newmont, Goldfields]

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Article
19 November 2013

UPDATE 1-Ghana plans to introduce mining windfall tax bill

Author: Matthew Mpoke Bigg, Reuters

Ghana plans to present a mining windfall tax bill to parliament, Finance Minister Seth Terkper [has] said... [G]old...accounted for 27 percent of the country's foreign exchange in 2012 and contributed more than $700 million to state coffers...A previous bill that sought to impose a 10 percent mining windfall profit tax was introduced in 2012, Terkper said, but it was not considered by parliament and [was] later withdrawn...[M]ine executives have urged the government to reduce corporate taxes...and assess royalties on a sliding scale...so companies that do not make a profit don't pay royalties...Razia Khan, head of Africa research at Standard Chartered, described Terkper's announcement as "positive" for the overall economy...[refers to AngloGold Ashanti, Gold Field]

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Article
24 January 2013

Tax avoidance - an introduction

Author: compiled by Business & Human Rights Resource Centre

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