MINING FOR PROFIT?In the last couple of years, some mining companies have been caught cheating.THAT mining companies cheat to get out paying the correct tax to Government, is not an exaggeration but the plain truth.Is it any wonder that some sections of society are apprehensive about the mineral royalty tax modality being modified ?The mining sector has come under the spotlight following the 2022 budget presentation revealing the modification of the mineral royalty tax modalities.Whereas before mines were paying tax based on production, this will now depend on the calculated net profit, which means that if a mining company decides to declare no profit, then there is no mineral royalty tax to be paid.This is why some technocrats opposed to the new modalities do not want this to be reversed so that Government does not lose out.If mining companies have previously been caught cheating and under declaring production figures, all in a bid to pay less tax to […]
MINING FOR PROFIT?
