[ 2017-03-20 ]

Goldfields pays 0.5 billion cedis in taxes for 2016
Goldfields Ghana Limited has emerged as the
largest taxpayer for the government of Ghana in
2016.

The mining firm paid 501 million cedis (0.5
billion cedis) in direct and indirect taxes to the
Ghana Revenue Authority (GRA).
Of the amount, Royalties accounted for the
highest.

The company paid 196 million cedis in Royalties
representing 39.12 percent of the total tax
amount.

The second highest was Corporate tax which
accounted for 159 million cedis representing 32
percent.

This was followed by Pay as you earn (PAYE) and
Withholding taxes with 94 million and 52 million
cedis respectively.

In March 2016, the government granted tax and
royalty concessions to Gold Fields Ghana Limited.

This was part of the stability agreement reached
after three year talks with the government to ease
its tax burden on Gold Fields.

The stability agreement Citi Business News
understands will help Gold Fields in saving some
33million dollars at its two mines which will feed
into its deliberations about the future of its
Damang mine.

In an interview with Citi Business News the Chief
Executive Officer and Executive Director of Gold
Fields Nick Holland said the agreement is a
win-win for the company and Ghana.

Meanwhile the GRA has announced plans to clamp
down on the tax evasion by some mining companies.

In a recent interview with Citi Business News, the
Head of Special Revenue Mobilisation task force,
Henry Sam said his outfit will be reconciling the
amount of taxes paid by the suppliers of mining
equipment with refunds claimed under the law.

The suppliers in 2016, claimed over 500 million
cedis in refunds.

Source - citibsinessnews.com

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