THE ECONOMICS OF GOLD MINING TAXATION - Unisa

Currently the gold mining industry is taxed differently to other industries. It is taxed on a two-tier system. The nature of the gold mining tax formula encourages the mining of marginal gold ores. Firms that are involved in the mining of gold are subjected to a "tax tunnel", which is a tax …

Mining Tax Recommendations | Tax Services | Deloitte ...

The gold mining formula was introduced to encourage gold mining investment and the mining of marginal ores. Despite the fact that the gold mining industry is reaching its sunset years, it remains a major contributor to employment in South Africa. In light of the recent labour unrest and the current high unemployment rate, the DTC recommends the ...

Gold tax formula is a rock solid way to rejuvenate mining

Gold tax formula is a rock solid way to rejuvenate mining. By Stephen Meintjes Mar 27, ... the underlying principle on which South African gold mining taxation has been based is, ...

Mining tax - PwC South Africa

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.

SOUTH AFRICA - MINING AND PETROLEUM ROYALTIES - THE ...

SOUTH AFRICA - MINING AND PETROLEUM ROYALTIES - THE IMPOSITION AND CALCULATION By BETSIE STRYDOM (Director in the Tax Practice of the Corporate Department of BOWMAN GILFILLAN) The imposition of mineral and petroleum royalties (“mining royalties”) in South Africa commenced on 1 March 2010

Mining duties, royalties and taxes in South Africa - Lexology

Mining duties, royalties and taxes in South Africa ... (often referred to as the tax tunnel). The gold mining formula was introduced to ... Resident companies in South Africa are taxed based on ...

Mineral and Petroleum Resources Royalty

To bring South Africa in line with prevailing international norms, the Department of Minerals and Energy promulgated the Mineral and Petroleum Resources Development Act, 2002 (MPRDA) in terms of which these resources are recognised as the common heritage of all the people of South Africa with the State as custodian thereof for the benefit of all South Africans.

Tax Solutions for Mining - Deloitte South Africa

South African mining groups are often involved at more than one level in the supply chain. For example, the group may both mine and beneficiate the commodity in South Africa. This can make it very difficult to evaluate the profitability of the South African entity or entities.

South African gold mining taxation : An example of a ...

RESOURCES POLICY December 1984 265 South African gold mining taxation Tax formula y = 60 - _360 y = 60 - _480 X X Profit:revenue ratio (x) 10% 10% Tax rate 24% 12% Profit:revenue ratio (x) 20% 20% Tax rate (y) 42% 36% Increase in tax rate 75% 200% Although the formula, given the parameter b, corresponds to the principles of a resource rent tax, the built-in progressive tax rate precludes ...

South African gold mining taxation : An example of a ...

Theoretically, a resource rent tax is neutral in that it does not influence the allocation of resources. However, the application of such fundamental principles in the tax formula of the South African gold mining industry negates the neutrality principle.

South Africa tax team recommends review of gold …

5-6-2015· South Africa should review a preferential tax enjoyed by gold producers, a commission set up to look into taxes in Africa's most advanced economy said in a report published on Friday.

Mining industry of South Africa - Wikipedia

Mining in South Africa was once the main driving force behind the history and development of Africa's most advanced and richest economy. Large-scale and profitable mining started with the discovery of a diamond on the banks of the Orange River in 1867 by Erasmus Jacobs and the subsequent discovery and exploitation of the Kimberley pipes a few years later.

2297. Mining and prospecting - SAICA

2297. Mining and prospecting APRIL 2014 – ISSUE 175. This article deals with the taxation of mining and prospecting companies that are tax resident in South Africa and their non-tax resident shareholders. What is certain is that they are subject to taxes.

Taxation in South Africa - Wikipedia

Taxation may involve payments to a minimum of two different levels of government: central government through SARS or to local government. Prior to 2001 the South African tax system was "source-based", wherein income is taxed in the country where it originates. Since January 2001, the tax system was changed to "residence-based" wherein taxpayers residing in South Africa are taxed on their ...

South Africa: The carbon tax impact on mining’s EBITDA ...

South Africa: The carbon tax impact on mining’s EBITDA By: Segran Pillay In South Africa, policymakers and businesses have discussed a carbon tax for years, starting with the country’s signing of the Copenhagen Agreement in 2009.

Mining 2020 | Laws and Regulations | South Africa | ICLG

South Africa: Mining 2020. ICLG - Mining Laws and Regulations - South Africa covers common issues in mining laws and regulations – including the mechanics of acquisition of rights, foreign ownership and indigenous ownership requirements and restrictions, processing, beneficiation – …

SÉRIE ÉTUDES ET DOCUMENTS - HAL-SHS

Mining taxation in Africa: The gold mining industry in 14 countries from 1980 to 2015 . Bertrand Laporte . ... database which specifies the tax regime applied to industrial gold mining companies in 14 ... While South Africa's gold production has decreased by 80% in the last 40 years due to the depletion of

Gold Mining in Africa: Maximizing Economic Returns for ...

Gold Mining in Africa: Maximizing Economic Returns for Countries Ousman Gajigo Emelly Mutambatsere Guirane Ndiaye Ousman Gajigo is an Economist, AfDB ([email protected]); Emelly Mutambatsere is a Principal Research Economist, AfDB ([email protected]) and Guirane Ndiaye is a Research Economist,

Taxation of mining industries - Ferdi

The Ferdi provides the first legal and tax database that lists the tax regime applicable to industrial gold mines in 22 African producing countries since the 1980s and a simulation tool for sharing the mineral resource rent between State and investors.. The tools provided make it possible to: 1) understand the characteristics of the mining taxation, 2) know the evolution of the mining taxation ...

Gold mining most costly in South Africa - BusinessLIVE

Metals consultancy GFMS warns costs of mining gold in SA are set to rise as higher-grade resources ... I will lead a tax revolt if corrupt are not ... Gold mining most costly in South Africa.

The complete guide to corporate tax in South Africa | …

If you are a foreign resident with a business based in South Africa, you will be liable to pay corporate tax in South Africa on its worldwide income. However, if you have a non-resident company – a company that has a branch or establishment in South Africa but is based elsewhere for tax purposes – then you will only pay company tax in South Africa on income earned inside the country.

Mining and minerals in South Africa

With South Africa’s economy built on gold and diamond mining, the sector is an important foreign exchange earner, with gold accounting for more than one-third of exports. In 2009, the country’s diamond industry was the fourth largest in the world.

Financial reporting in the mining industry International ...

International Financial Reporting Standards (IFRS) provide the basis for financial reporting to the capital markets in an increasing number of countries around the world. Over 100 countries either use or are adopting IFRS. Those companies already on IFRS have their own challenges as the pace of standard-setting from the International

How to file your income taxes in South Africa | Expatica

This guide covers the South African income tax system, income taxes in South Africa, deadlines, allowances, and income tax calculators for South Africa. All residents living and working in South Africa are typically liable to pay income tax in South Africa, although how much income tax you must pay depends on your tax residency status and how much you earned.

SA Mine 2018 - PwC South Africa

The South African mining landscape 6 Improving value to stakeholders 18 The regulatory landscape in Africa 20 South Africa - Mining Charter 21 South Africa - Diesel Refund Scheme 22 Tanzania - The impact of regulatory changes 26 DRC - New mining code upsetting miners 27 Financial performance 28 Glossary 44 Companies included in the analysis 46

List of the biggest mining companies in South Africa

Sibanye-Stillwater is one of the biggest gold mining companies in South Africa and also the third largest company that produces palladium and platinum. The company mines, extracts, and processes gold in the production of a beneficiated product which is then refined into gold bars containing a purity percentage of not less than 99.5.

Colombia Mining and metals tax guide May 2017 - EY

Mining and metals tax guide: Colombia EY | 3 Tax year and due dates for corporations The tax year is the calendar year. The government sets the due dates for filing income tax returns and making tax payments annually. Income tax is paid in three installments by “large taxpayers” and in two installments by all other corporate taxpayers.

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The Golden Underworld -SEG2 - YouTube

22-3-2017· The Golden Underworld -SEG2 eNCA. Loading ... Searching for gold in South Africa's abandoned mines ... Mining underground by hand for gold bearing quartz viens - Duration: ...

Gold Mining | Gold Production | World Gold Council

Mines and gold mining operations have become increasingly geographically diverse, far removed from the concentrated supply of four decades or so ago when the vast majority of the world’s gold came from South Africa. China was the largest gold producer in the world in 2016, accounting for around 14% of total annual production.