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In Table 2, average figures by country are displayed. We notice that a large majority of mines are located in South Africa, Burkina Faso, Ghana, Mali and …
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A Key Economic Role. The mining sector plays a key role in SSA, with 15 countries in the region defined as "resource-intensive." 1 A substantial proportion of the world's mining production comes from Africa, including more than 30 percent of global production of chromium, cobalt, manganese, platinum, gem diamonds and tantalum …
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The impact of income tax (gold tax formula) and royalty payments on the life-of-mine and how much of the resource is converted into reserve as a function of the economic benefit will be considered. ... (South African Revenue Services, 2011) and the mineral resource royalty (Republic of South Africa, 2008). The gold taxes, as well as the mineral ...
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The tax mining summary tool compiles information provided by Member Firms across the PwC Network using their best efforts. The information is provided for general information purposes only and should not be used or relied upon as a substitute for consultation with professional advisors. Whilst no representation or warranty is given to the ...
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The following are advantages of gold mining in South Africa: It has stimulated the development of transport and communication system like railways lines, roads, airways and seaport that encourage export of goods. It has created employment opportunities not only to peoples of South Africa but also from neighboring countries like …
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7% on taxable income above ZAR 95,750 but not exceeding ZAR 365,000. ZAR 18,848 + 21% on taxable income above ZAR 365,000 but not exceeding ZAR 550,000. ZAR 57,698 + 27% on taxable income exceeding ZAR 550,000. Special CIT rates apply in certain industries, such as gold mining and long-term insurance ( see below ).
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South African mining tax in the 1990s* by M.C. VAN BLERCKt SYNOPSIS This paper reviews the current mining taxes in South Africa, discussing the recommendations of the Mantis ... RATES OF GOLD-MINING TAX Tax formula (y = a - ab/x) a b Tax years ending 31st March Confirmed 1989 1966 and pre-I966 mines Post-I966 mines
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The database includes the details of the tax regime applicable to industrial gold mines in 21 African countries from the 1980s. The database features three major new innovations: An inventory of taxes and duties (rate, base and exemptions) payable during the prospecting phase and mining phase of a gold mining project;
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Gold Fields pays taxes on its taxable income generated by its mining and non-mining tax entities. Under South African law, ... Deep mine and constitute gold mining companies …
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The economics of gold mining taxation. Currently the gold mining industry is taxed differently to other industries. It is taxed on a two-tier system. The nature of the gold mining tax formula encourages the mining of marginal gold ores. Firms that are involved in the mining of gold are subjected to a "tax tunnel", which is a tax free …
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Specifically, the minimum royalty rate is 3% (ad-valorem), which increases to 4% when gold prices are between USD1,000/ounce and USD1,300/ounce, and further to 5% when prices go in excess of USD1,300/ounce. The average corporate income tax in Africa which applies to the mining sector is approximately 32%.
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The mining sector's contribution to South Africa's gross domestic product stood at 6.2% last year from 7.3% in 2022 and 8.3% a decade earlier, according to Minerals Council South Africa, an ...
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mining subsectors, due chiefly to the substantial and disproportionate impact gold mining has had on the South African economy compared to other mining industries (including ... The gold formula is also designed to tax gold mines at an increasing marginal rate, depending on profitability, ensuring that the more profitable gold mines ...
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Reuters. NAIROBI, Aug 30 (Reuters) - Harmony Gold Mining (HARJ.J), South Africa's biggest gold producer by volume, said it will seek board approvals on deepening its flagship Mponeng mine, which ...
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South Africa - Gold Mining, Economy, History: Prospectors established in 1886 the existence of a belt of gold-bearing reefs 40 miles (60 km) wide centred on present-day Johannesburg. The rapid growth of the gold-mining industry intensified processes started by the diamond boom: immigration, urbanization, capital investment, and labour …
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In the formula above, Y is the percentage rate of tax payable and X is the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue expressed as a percentage. 2 Non-mining income of South African mining operations consists primarily of interest income.
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Rising costs, falling ore grades and a stagnant gold price are steadily eroding the economic viability of gold mining in South Africa. This paper explores the major economic dynamics behind the profit squeeze. ... Since 1920, the gold mining tax formula has taken the form: r= % of gold mining profits paid to government =a-b/x where x = …
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The Witwatersrand Basin remains the world's largest gold resource. In 2022, the gold sector employed 93,841 people who collectively earned R28.9 billion. Gold production of 84 tonnes. At the current gold price …
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To facilitate this investigation, four major commodities in South Africa (gold, platinum, iron ore, and coal) were selected. ... 2012; Cawood and Oshokoya, 2013a, 2013b) carried out studies using data from Statistics South Africa (Stats SA) of mining taxes that included royalty payments in the years 2004 to 2009 (before 2010, when the royalty ...
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The Yacoob judgement refers to the South African Revenue Service (SARS) withholding Value Added Tax (VAT) refunds, totalling R1.8 billion, claimed by Germiston-based gold trader Rappa Resources. Rappa's guilt or innocence has certainly not been proven in court and the Yacoob ruling – that it is 'inherently unfair' for SARS to …
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Theoretically, a resource rent tax is neutral in that it does not influence the allocation of resources. However, the application of such fundamental principles in the tax formula of the South African gold mining industry negates the neutrality principle. A progressive element in the tax rate encourages mining of submarginal ores - leads to ...
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To facilitate this investigation, four major commodities in South Africa (gold, platinum, iron ore, and coal) were selected. ... 2012; Cawood and Oshokoya, 2013a, 2013b) carried out …
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Theoretically, a resource rent tax is neutral in that it does not influence the allocation of resources. However, the application of such fundamental principles in the …
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The South African government is in the process of implementing a revenue-based royalty system. The majority of firms in the gold mining industry feel that for the benefit of economic growth the government must consider implementing a profit-based royalty system. This study analyses the gold mining tax formula in comparison to the …
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Coal mining in South Africa began around the same time as gold mining and is one of the country's most valuable commodities, accounting for 24 percent of mineral mining revenue in 2022.
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In 1887, the rate for base metals was reduced to 1%, while all other minerals remained at 2.5%. The significant gold mine development on the Witwatersrand ushered in a special lease (or royalty) consideration regime for gold mining in South Africa, and the 1908 Gold Law paved the way for a sliding-scale formula payable on profits.
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However, South African mining companies enjoy generous tax treatment: they are able to deduct 100 per cent of much of their capital expenditures against tax while gold mining …
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The gold mines tax formula exempts marginal mines from tax and charges richer mines at a higher rate. ... THROUGHOUT the urgent debate on the mining industry in South Africa and elsewhere something fundamental has been overlooked. ... (The 2007 gold mining formula was Y=45-225/X where Y is the percent tax payable and X is the …
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Currently the gold mining industry is taxed differently to other industries. It is taxed on a two-tier system. The nature of the gold mining tax formula encourages the mining of …
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SOUTH AFRICAN REVENUE SERVICE . Date of 1. st. issue : November 2004 . Date of 2. nd. issue : May 2005 . ... formulae "gold mining tax formula") Tax years ending during the period ... excluding gold mining companies) Tax years ending during the 12 month period 31.03.1990 ; 31.03.1991 . 31.03.1992 ;
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In Table 2, average figures by country are displayed. We notice that a large majority of mines are located in South Africa, Burkina Faso, Ghana, Mali and Zimbabwe, while the remaining ones are distributed across the remaining 6 countries. Profit tax rates range between 15.6% in Zimbabwe to 37.5% in Namibia.
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Contents. 1 Gold Mining Locations in South Africa Where to Find Gold. 1.1 Witwatersrand Basin: The Richest Gold-Producing Region. 1.1.1 History and Importance; 1.1.2 Current Mining Operations; 1.1.3 Tips for Prospecting; 1.2 Barberton Greenstone Belt: Abundant Gold Deposits. 1.2.1 Geological Features; 1.2.2 Notable Mines; 1.2.3 …
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The advantages of the South African gold mining tax formula as a mining tax system are evident. However, they must be weighed against possible disadvantages, such as the possible misallocation of resources, and the whole must be evaluated against the background of national priorities. ... RESOURCES POLICY December 1984 265 South …
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Mining taxation — the South African context Economic Tax Analysis, August 2013 South Africa's mining industry has for many years been dominated by gold and coal mining. …
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9. MINING AND INCOME TAXATION - Gold Fields. the maximum South African statutory mining tax rate of 34.0% (2016: 34.0% and 2015: 34.0%) were: Taxation on profit before taxation at maximum South African statutory mining tax rate (51.8) (121.5) (3.0) Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore …
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