WE are not surprised that some mining companies have been sending large sums of money to offshore jurisdictions while declaring losses to evade tax.These mining firms have been acting with impunity taking advantage of the government’s ‘off hands’ approach to the mines.But the damning report from the Financial Intelligence Centre should dismiss all doubts that these mining firms are not here to develop the sector and the country at large, but to get the most of our meagre resources.It is scandalous that the mining firms, while always complaining about the “high” taxes have in fact been milking the country out of billions through fraudulent schemes.According to the 2019 Financial Intelligence Centre 6th Money Laundering and Terrorist Financing Trends Report, some mines in the country are repatriating proceeds to offshore jurisdictions while declaring losses to evade tax.The report also disclosed that some precious stones and base metals that were exported to foreign jurisdictions were undervalued.If anything, […]
TREACHEROUS MINES
