Apr 25, 2019 2019-04-25 - The Ghana Revenue Authority (GRA) is confident of achieving its GHc45 billion tax target this year by stepping up efforts to boost revenue collection in the mining sector
Aug 07, 2018 2018-08-07 - Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of
New Fiscal Regime for Mining Sector Soon – Vice President Bawumia Updated Aug 06, 2018 at 6:04am SHARE THIS 0. Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President Dr. Mahamudu Bawumia has revealed. ...
Fiscal Regime of Ghana's Mining Industry And. Revenue projections, including scope for a windfall profit tax...
I pray the government take a holistic review of the fiscal regime for the industry with the Chamber of Mines and all players in the industry. This can help ascertain the impact the 2013 fiscal regime changes had on the industry as the government anticipates to open and regulate the small-scale mining.
1. GHANA’S GOLD MINING SECTOR In 2012, oil overtook gold as the commodity that generates the most revenue in Ghana. However, the mining sector remains an important source of revenue within the country.5 The government revenue generated from the 10 international gold mining companies referenced in this report accounted for around four percent of
mining sector governance in Ghana and the injunction imposed by the AMV has been undertaken from a Social, Technological, Economic, Environment, and Political (STEEP) perspectives as gleaned from two stakeholder meetings organised by the Minerals
Ghana’s Upstream Petroleum Fiscal System - What is it? Ghana’s Petroleum Fiscal Regime refers to a set of laws, regulations and agreements which; Regulate Ghana’s petroleum operations and Define the Host Government and the Contractor’s share of economic benefits accruing from
• The fiscal regime is the set of tools that determine how the revenues from oil and mining projects are shared between the government and companies. • There are a variety of fiscal tools that can be used to create a fiscal regime to govern oil and mining projects, including
of fiscal policy for Ghana‟s oil and gas industry. This paper therefore assessed how reliable the current fiscal regime together with legislative issues, tax issues and contractual issues are to generate adequate economic rent from the Ghana‟s Oil and Gas industry within the production era.
of fiscal policy for Ghana‟s oil and gas industry. This paper therefore assessed how reliable the current fiscal regime together with legislative issues, tax issues and contractual issues are to generate adequate economic rent from the Ghana‟s Oil and Gas industry within the production era.
PwC Corporate income taxes, mining royalties and other mining taxes—2012 update 3 as “ring fencing”. The Ghana government, in the 2012 Budget Statement, proposed an increase to the corporate income tax rate from 25% to 35% and an additional tax of 10% on mining companies. Ghana’s proposed tax increases are likely to take
Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the
Aug 08, 2018 New fiscal regime for mining sector soon – Bawumia Posted on August 8, 2018 by Josephine Nettey in Business Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President Dr. Mahamudu Bawumia has revealed.
Aug 05, 2018 Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President of the Republic has revealed.
The Fiscal Regime of Ghana’s Mining Sector. The fiscal regime defines an array of taxes, rents, fees and tax incentives to foreign investors in the mining sector. The quanta of these taxes and incentives have mirrored policy changes in the mining sector since independence.
I pray the government take a holistic review of the fiscal regime for the industry with the Chamber of Mines and all players in the industry. This can help ascertain the impact the 2013 fiscal regime changes had on the industry as the government anticipates to open and regulate the small-scale mining.
The historical importance of mining in the economic development of Ghana is considerable and well documented, with the country’s colonial name -- Gold Coast --reflecting the importance of the mining sector. Gold dominates the mining sector and 1 THE WORLD BANK. 1992, Strategy for African Mining. World Bank Technical Paper No.181, African
The government plans to introduce a new fiscal regime for the mining sector, Vice President Mahamudu Bawumia has said. The new laws and regulations are to ensure Ghana derives maximum benefit from the extraction of mineral resources, the Vice President said.
It is estimated that the sector contributes about 41% of total export earnings and 5% of Ghana’s GDP. The sector is dominant with Foreign Direct Investment (“FDI”) with little local participation. 1. 1 Legal Framework The Fiscal Regimes that regulate the sector in Ghana are: •The Minerals and Mining Act, 2006 (Act 703) as amended •The ...
The Optimal Petroleum Fiscal Regime for Ghana: An Analysis of Available Alternatives Article (PDF Available) in International Journal of Energy Economics and Policy 4(3) September 2014 with ...
Government is tightening the fiscal regime for Ghana’s mining industry largely because it believes the industry is enjoying windfall profits because of the high gold price.
GRA tightens fiscal regime for mining industry. April 24, 2019. ... The corporate income tax rate for mining companies in Ghana is 35 percent (for most other sectors it is 25 percent) and mining companies are also required to pay royalties at a basic rate of 5 percent although this differs from one company to another depending on whether a ...
Jul 17, 2018 We often complain the 10% is not enough and Ghana has nothing to show after mining for over 100 year but I will be quick to call for a holistic and comprehensive review of the existing fiscal regime of the industry and application of the royalty payments by the mining companies.In 2013, the government made some drastic fiscal regime changes in ...
The Optimal Petroleum Fiscal Regime for Ghana: An Analysis of Available Alternatives Article (PDF Available) in International Journal of Energy Economics and Policy 4(3) September 2014 with ...
Government is tightening the fiscal regime for Ghana’s mining industry largely because it believes the industry is enjoying windfall profits because of the high gold price.
GRA tightens fiscal regime for mining industry. April 24, 2019. ... The corporate income tax rate for mining companies in Ghana is 35 percent (for most other sectors it is 25 percent) and mining companies are also required to pay royalties at a basic rate of 5 percent although this differs from one company to another depending on whether a ...
Jul 17, 2018 We often complain the 10% is not enough and Ghana has nothing to show after mining for over 100 year but I will be quick to call for a holistic and comprehensive review of the existing fiscal regime of the industry and application of the royalty payments by the mining companies.In 2013, the government made some drastic fiscal regime changes in ...
New Fiscal Regime For Mining Sector Soon – Vice President Bawumia Communications Bureau Latest News 05 August 2018 Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President of the Republic has revealed. ...
2.1 Are there any recent political developments affecting the mining industry? Ban on small scale mining. In response to concerns about the small-scale mining sector, accused of causing major pollution of water bodies in the country, the Ministry of Lands and National Resources launched a project dubbed “The Multilateral Integrated Mining Approach which hinges on three pillars – the Law ...
A mining fiscal regime, however, is only as effective as the combined administrative capacity of the government institutions WB_Mining_TaxAdmin_FM_newdd 7 10/8/13 11:40 AM
Jun 26, 2019 It sets out the licensing regime for gold mining in Ghana, the rights of a mining leaseholder as well as the objects and powers of regulatory institutions in the industry including the Ministry of Mines and Natural Resources and the Minerals Commission among others.
However, there is strong scepticism as to whether the mining sector’s fiscal regime presents opportunities for increased government revenue from the mining sector for Ghana. That, despite surgical mineral commodity prices, the contribution of the mining sector to the national economic is clearly not visible.
When the Commission's Chief Executive, Mr. Ben Aryee was making a submission on the fiscal regime of the mining industry in Ghana, Honourable Members of the Committee appeared surprised at the figures being churned out.
Sep 02, 2019 Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President Dr. Mahamudu Bawumia has revealed.The paradigm shift in the thinking behind the utilisation of Ghana
The mining sector has therefore been an important part of our economy, with gold accounting for over 90% of the sector. Ghana is the second largest gold producer in Africa and the 9th largest producer in the world. The sector directly contributed 38.3% of Ghana’s total corporate tax earnings, 27.6% of government revenue and 6% GDP in 2011.
Presentation Overview This presentation is divided into three distinct sections: Section 1: Historical review of petroleum activities in Ghana. Section 2: Assessment of fiscal regime and the Government of Ghana’s estimated revenue from petroleum activities. Section 3: Focus on regulatory as well as policy issues arising from the emerging petroleum sector in Ghana.
Nov 04, 2014 The fiscal regimes on the African continent were not generating enough revenue for their respective economies, said Ghana Mineral Commission CEO Ben Aryee. According to the Ghana-based AFKInsider, Aryee emphasised the potential of mining in contributing to the growth of economies but little has been achieved in the sector.
When the Commission's Chief Executive, Mr. Ben Aryee was making a submission on the fiscal regime of the mining industry in Ghana, Honourable Members of the Committee appeared surprised at the figures being churned out.
Apr 25, 2019 The Ghana Revenue Authority (GRA) is confident of achieving its GHc45 billion tax target this year by stepping up efforts to boost revenue collection in the mining sector in what amounts to a significant tightening of the fiscal framework within which mining companies will operate henceforth.
Sep 02, 2019 Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President Dr. Mahamudu Bawumia has revealed.The paradigm shift in the thinking behind the utilisation of Ghana
Nov 04, 2014 The fiscal regimes on the African continent were not generating enough revenue for their respective economies, said Ghana Mineral Commission CEO Ben Aryee. According to the Ghana-based AFKInsider, Aryee emphasised the potential of mining in contributing to the growth of economies but little has been achieved in the sector.
The Fiscal Regime of Ghana’s Mining Sector The fiscal regime defines an array of taxes rents fees and tax incentives to foreign investors in the mining sector The quanta of these taxes and incentives have mirrored policy changes in the mining sector since independence. Learn More
Presentation Overview This presentation is divided into three distinct sections: Section 1: Historical review of petroleum activities in Ghana. Section 2: Assessment of fiscal regime and the Government of Ghana’s estimated revenue from petroleum activities. Section 3: Focus on regulatory as well as policy issues arising from the emerging petroleum sector in Ghana.
May 08, 2018 Citing the issue of Ghana’s ‘carried interest’ in the mining sector, the Vice President stated that “If you look at the existing natural resource regime, Ghana in the mining sector for ...
Section 2 outlines the nature of upstream fiscal arrangements and the instruments that make up Ghana’s fiscal regime. Section 3 makes comparisons with a sample of regimes, particularly from SSA, focusing on their capture of rents and government take, cost containment and cost recovery provisions, avoidance of revenue leakage, income or profit ...
Tanzania: From 1994-2000, IDA supported mining sector technical assistance in Tanzania in the areas of mining legislation and regulations, mining fiscal regime, environmental policies and enforcement, divestiture of state-owned enterprises, and strengthening institutional capacity. The foreign direct investment in the mining sector increased to ...
New Fiscal Regime For Mining Sector Soon Bawumia. Assessing the Petroleum Fiscal Regimes of Nigeria Ghana and Cameroon Sara Zedingle Ghebremusse Master of Laws Faculty of Law University of Toronto 2014 Abstract Petroleum extraction is a lucrative source of tax revenue for many governments in Sub-Saharan Africa However the generation of oil tax revenue can be limited by the need to
Oct 03, 2018 A must have, well-researched reference work, tracing fiscal regimes that have been associated with Ghana’s long history of mining, documenting the rationale for changes that occurred, all the way from precolonial times, when traditional authorities in charge of the sector collected fiscal/pseudo-fiscal levies, through colonisation and independence to contemporary times.
Oil and Gas Tax Guide for Africa 2017 3 Over the past few years, the global economic downturn in the oil and gas industry has had negative effects that have been felt by many. ... gas fiscal and regulatory regime in nineteen countries, along with significant developments.
Tax regime applied to this country Concession Royalties Profit-based special taxes Corporate income tax Production sharing contracts Service contract A. At a glance Fiscal regime Depending on the date on which the petroleum contract was signed, the Algerian fiscal regime applicable to the oil and gas upstream industry is governed by:
Mar 01, 2018 The topic is how to improve fiscal management of mining and petroleum, integrating fiscal regime design, revenue administration, and macro-fiscal policy. The novelty of the conference is that it will emphasize how these policy areas are interlinked—weaknesses in one area will undermine progress in others—and need to be addressed in a ...