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UPDATE 1-Ghana plans to introduce mining windfall tax bill

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windfall profit tax was introduced in 2012, Terkper said, but it was not considered by parliament and [was] later withdrawn...[M]ine executives have urged the government to reduce corporate taxes...and assess royalties on a sliding scale...so companies that do not make a profit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]