[ 2016-08-16 ]

Ghana retains 85% of revenue accrued from mining industry
Ghana accrued a little over 3.1 billion dollars in
revenue from the mining and quarrying sector in
2015.

Of this amount a little over 465 thousand dollars
was returned to Ghana through the Bank of Ghana as
mandatory surrender.

While mineral revenue returned to the country
through commercial banks as voluntary repatriation
was a little over 2.1 billion dollars.

Of the total revenue accrued that is 3.1 billion
dollars, figures from the Ghana Revenue Authority
shows 2.6 billion dollars was returned to Ghana
which comes up to 85 percent of the total revenue
accrued.

The figures published by the Ghana Chamber Mines
shows total fiscal payment from the 3.1 billion
dollars amounted to 377.3 million dollars of which
a little over 130 million dollars went into
mineral royalties, 124 million dollars into
corporate tax.

108 million dollars went into Employee Income Tax
Payments (PAYE) while 234 thousand dollars went
into other taxes, meanwhile dividends paid to the
state amounted to 13 million dollars and property
rate payments amounted to 978 thousand dollars.

Source - citibsinessnews.com

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