Taxes and declared profits: Evidence from gold mines in Africa
This database specifies the tax regime applied to industrial gold mining companies in 21 African countries from the 1980s to 2016, and links each piece of tax Taxation of mining in Sweden has been considered in previous studies. Otto et al. ( 2006) performed financial modelling based on a model copper mine in large Mining and taxation in Sweden Mineral Economics
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Taxes and declared profits: Evidence from gold mines in Africa
In this paper, we analyze the effects of tax changes on the declared profits of extractive firms. We consider a country that levies a profit tax and a royalty on the The IRS treats "mining" for cryptoassets differently from gold mining. This article explores why they are taxed differently and what might be learned from the Gold and bitcoin: Tax implications of physical and virtual mining
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llicit Financial Flows and Con ict in Artisanal and Small- Scale Gold
gold mining has expanded and is now thought to account for a third of total gold production in the Sahel—and this is in a region with a long history of industrial gold mining (ICG, Gold mining firms in Tanzania pay royalty and corporate taxes, but also receive many tax concessions. Such tax incentives may cause to reschedule their extraction plans and The impact of tax concessions on extraction of non-renewable
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Wesdome Gold Mines Announces Third Quarter 2023 Financial
TORONTO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO Income and mining tax Cash cost per ounce of gold sold is a non-IFRS performance measure and does notWe may potentially see more gold mines reaching this tax threshold as a result of the non-production during the lockdown period. The Income Tax Act further allows for mining companies to claim tax allowances on housing and other infrastructure generally constructed for the use by its employees or the immediate community, such as schools, COVID-19: WHAT IT MEANS FOR TAX IN THE MINING INDUSTRY
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Mining Tax PwC
Mining Tax. Mining forms one of the leading industries in South Africa, playing a vital role in the economy. Due to the complexity of the South African tax laws and the impact thereof on the industry, its is necessary to have a thorough understanding of not only the tax legislation, but also the specific needs of the South African mining industry.For our purpose, we extracted total cash costs and realized prices to obtain a proxy of the declared profits for every mine site. 3 Furthermore, production conditions and physical covariates of mines have been exploited. Tax regime data stems from the Mining Tax Database for Africa, initiated and developed by Laporte and de Quatrebarbes (2015Taxes and declared profits: Evidence from gold mines in Africa
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Peru's Mining & Metals Investment Guide 2023/2024
Mining is the dominant sector of the Peruvian economy. It accounts for 8.5% of GDP, while mineral exports represent 63.9% of the country’s total exports. Substantial investment has flowed to the sector over the past 20 years. As a result, there has been an increase in exploration and development activities.Total value of resources in the country is estimated at $7.34 trillion including gold, copper, nickel, iron, chromite and other non-metallic minerals. However, total production value is only atNew mining fiscal regime to yield P38 billion revenues
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South African mining tax in the 1990s Sabinet African Journals
Non-gold mines y = 71 409/x y = 71 516/x 54,5 per cent. TABLE 11 RATES OF OTHER (NON-GOLD) MINING TAX Tax years ending 31st March Confirmed 1989 1990 1991 Diamonds: 56,25070 Diamonds and other: Other: 57,5070 56070 54,5070 1992 1993 1994 53070 51,5070 50070 Note: If the ordinary rate of company tax drops to 40 per cent in The overwhelming majority of the gold mined in Burkina Faso is exported. In 2017, 41.4 of the 46 tonnes of gold produced was sent abroad (estimates by the General Directorate of Mining). According to official data, 45.582 tonnes of gold or in other words 99.09% of the country’s total production was extracted by the 12 industrial minesBurkina Faso: the problem of gold smuggling WCO
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Federal mineral royalty would be 'unfair' to Nevada mining, Cortez
Changes to hard-rock mining policy would have an outsized effect on Nevada. Gold producers in that state alone accounted for $4.2 billion of the $5-$7 billion in nationwide hard-rock mining that would be subject to royalties, according to the CBO. Sen. Martin Heinrich, (D-N.M.), said the industry supported important jobs, but that reforms To address this, 136 countries, including 20 countries in sub-Saharan Africa, agreed last month to a minimum effective corporate tax rate of 15 percent starting in 2023. The importance of mining to economies in the region is clear. The mining sector contributes about 10 percent to GDP across 15 resource intensive sub-Saharan African Countering Tax Avoidance in Sub-Saharan Africa’s Mining Sector
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The Taxation of South African Mining and Prospecting Companies: Certain
Author: Andries Myburgh (ENS) Benjamin Franklin once said "but in this world nothing can be said to be certain, except death and taxes.”. With regard to the taxation of mining and prospecting companies that are tax resident in South Africa and its Non-Tax resident shareholders this is arguably a half truth.of a unique formula designed to encourage deep level mining, and the mining of marginal mine ores. The gold formula achieves this by creating a so-called tax tunnel, whereby taxpayers operating with a profitability ratio below 5% are exempt from tax on taxable income. The gold formula is also designed to tax gold mines at an increasingHARD-ROCK MINING Tax Com
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The Recruiting of Chinese Indentured Labour for the South African Gold
One of the responses of the Transvaal gold mining industry to the economic crisis after the South African War of 1899–1902 was to import Chinese indentured mine labour. To facilitate this process and to integrate it with the overall demands and requirements of the industry, the mining companies established a recruiting and with the tax treatment of most other forms of investment. 1.4 This issues paper suggests repealing the current specified mineral mining tax regime and replacing it with rules that are more aligned with general tax principles. The paper seeks readers’ views on the suggested rules and how the suggested rules might work in practice.Taxation of specified mineral mining IRD
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Mineral mining Inland Revenue
Mineral mining. The rules apply to exploration for, and development of mines, and the physical mining of the minerals. The new rules: cover the 50 specified minerals that can be mined in New Zealand. The most commonly mined minerals are gold, silver and iron sands. align the tax treatment of mineral mining more closely to the tax treatmentOverview of the Mining Industry November 2006 Diamond Mine and Processing Plant . Mining Industry Overview General Tax Accounting Principles in the Mining Industry divided into metalliferous ores such as gold, iron, and copper, and non-metalliferous ores such as coal, quartz, and bauxite.Internal Revenue Service
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Zambian mineral royalties increase S&P Global
Depending on the price of copper, mineral royalties will now range from 5.5% to 10% versus 4% to 6% previously. Additionally, importation of copper-cobalt concentrates, primarily from neighbouring Democratic Republic of Congo (DRC) for refining and smelting in Zambia, will attract a 5% import duty while a 15% export duty will be With the new tax, the government calculates it could collect annually some 25 million euros ($24.1 million), with 60% of it to be directed to the municipalities where mines are located and 40% toFinland plans new tax on mining Reuters
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Nova Scotia government doubles down on gold mining
In March 2018, Atlantic Gold reported it had poured its 200 th bar of gold, and produced 90,500 ounces. The value at the time would have been upwards of $150 million. But the company reported to ESTMA that in 2018 it had paid $0 in taxes to any level of government, and just $1,180,148 in royalties to the province.gold mines, which is deducted against capital expenditure and which serves as an incentive for new mining development. The allowance is calculated as a percentage of capital expenditure, ranging from 10 to 12 per cent per year depending on the mine. 21 • Mining companies can offset against tax their obligatory spendingMining and tax in South Africa: Costs and benefits Curtis Research
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