©MINING SECTOR REPORT 2022. PREPARED BY STRATEGY AND RESEARCH DEPARTMENT Introduction The mining sector is one of Ghana's biggest …
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Ghana has accordingly created a good environment for investment. The mining sector was identified since then as a key sector to attract FDI and increase exports. The mining fiscal regime was then designed at that time to capture resource rents and promote FDI, and it has remained fairly stable since the mid-1980s.
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Existing fiscal regime for the mining sector does not promote equitable benefits sharing among the state, mining affected communities and the ... The policies governing the mining sector in Ghana have inherent gaps which limit the regulation of the sector and did not address the environmental, health, human rights,
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September 26, 2022. In August 2022, the House of Representatives' Committee on Ways and Means approved a bill proposing a new fiscal regime for the Philippine mining industry, following the previous proposal of the Department of Finance (DOF) and which will cover existing and prospective large-scale metallic mine, regardless of location.
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The fiscal regime in the mining industry of Ghana is defined by the Minerals and Mining Act, 2006 (Act 703) and its subsequent amendments as well as the Income Tax Act, 2015 (Act 896) and its concomitant regulations and amendment. Government revenue from mineral operations is
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The quarrying industry is broadly classified under the "Mining and Quarrying" Sector in Ghana. The sector is governed by several institutions that play respective roles in policy ... The fiscal regime of the mining sector applies to both industrial and non-industrial minerals. It uses the tax and royalty system where government receives ...
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the history of Ghana's fiscal regime for mining. with a sliding scale from 3 to 12 per cent.1 Next, the paper considers the existing regime in Another aspect of the regime was the ... mining sector fiscal regime'. The subsequent profits (before tax) on companies in certain amendment to the Mining Act, the Minerals and industries, including ...
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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.
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Mining companies are subject to fiscal regimes such as corporate tax of 35%, capital gains tax of 15%, a withholding tax of 15% and a capital allowance of 20% for 5 years. The ground rents, property rates and mineral right fees are payable as prescribed by Regulations. Royalties of 3-6% of mining revenue obtained are also payable.
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Mining companies are subject to fiscal regimes such as corporate tax of 35%, capital gains tax of 15%, a withholding tax of 15% and a capital allowance of 20% for 5 years. The ground rents ...
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Figure 1: Fiscal Contribution of the Mining and Quarrying Sector to GRA Total Revenues - 2007-2012 (US$ Billion) Source: Ghana Revenue Authority, and Bank of Ghana The …
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a stable, competitive and fair fiscal regime. Achieve a socially acceptable balance between mining and the physical and human environment and ensure that internationally accepted standards of health, mining safety and environmental protection are observed by all participants in the mining sector.
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Ensuring a Balance Between Incentives and Benefits. • In ensuring a win-win situation for all stakeholders, a comprehensive review of the mining fiscal and regulatory regime has been carried out. Leading to: Predictability and stability of fiscal incentives over time; Transparency and a level playing field for all companies;
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MINING FISCAL REGIME (FISCAL INSTRUMENTS & INCENTIVES) FISCAL INSTRUMENT APPLICABLE RATE Mineral Royalty 5% Corporate Income Tax 35% Capital Allowance 20% straight line on mining assets for 5 years Losses carried forward 5 years …
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Regulatory Regime. Attempts at establishing a petroleum industry in Ghana go as far back as the late 19th century, with the first wells being drilled in 1896, when exploration for oil and gas started onshore in the Tano basin. 1 In spite of this early start to petroleum exploration activities in Ghana, until the 1980s, there was little ...
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Ghana National Petroleum Corporation is mandated to enforce the provisions of the law and the Petroleum Agreement in the interest of Ghanaians. In conclusion, the fiscal regime of Ghana's oil and gas sector is important due to the revenue that may be accrued to government when proper and necessary procedures are followed to ensure …
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GRA tightens fiscal regime for mining industry. The Ghana Revenue Authority (GRA) is confident of achieving its GHc45 billion tax target this year by stepping …
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The EITI has played a key role in reforming the mining sector fiscal regime. It is used as a platform to improve disclosures of oil sales, contracts and beneficial owners of companies and strengthen transparency and governance of the Ghana National Petroleum Corporation (GNPC), a state-owned enterprise. With 10% of mining royalties …
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The 2019 budget proposes significant changes to the fiscal regime governing the mining industry, with the aim of closing loopholes and cutting perceived leakages of tax …
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Accra, Tuesday, June 6, 2023 - The Multi-Stakeholder Group (MSG) of the Ghana Extractive Industries Transparency Initiative (GHEITI) has today, formally launched the country's 2020 Mining and Oil/Gas EITI reports, published on December 31, 2022. The MSG is a tripartite body made up of Government, Industry and Civil Society, with the …
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CSOs, Research Institutions such as the Institute of Fiscal Studies (IFS), and the Centre for Natural Resources and Environmental Management (CNREM) have, …
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Minerals and Mining Act 2006 (Act 703) was enacted to further liberalise the fiscal regime by reducing the corporate income tax from 35% to 25%, royalty rate from 3 - 12% (depending on the ...
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Akabzaa T, Daramani A (2001) A study of impacts of mining sector investment in Ghana on mining communities. Report prepared for the technical committee on structural adjustment participatory review initiative on Ghana. Google Scholar Amoako-Tuffour J (2013) Ghana's mineral fiscal regime: a baseline study.
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An industry assessment carried out by the Ghana Chamber of Mines has revealed that Ghana is losing potential mining investors to emerging mining destinations in the West African sub-region, particularly …
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Ghana, once known as the Gold Coast, is a key player in the international gold market, as the country is Africa's second-largest producer. In 2013, 86.6% of export revenue from the mining sector came from gold, making the metal the top export and source of …
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This book analyzes the legal and fiscal frameworks for hard-rock mining in several African countries including Botswana, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Namibia, Nigeria, Liberia, Tanzania, Sierra Leone, South Africa, South Sudan, Zambia, and Zimbabwe, with reference to other resource-rich countries. It engages in ...
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• 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 royalties, taxes, production sharing, and bonuses.
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He said the mining Industry was of the view that the cumulative effect of the recent changes in fiscal regime, will be out of place to introduce the Windfall Profit Tax. On Gold Prices and cost of mining, Mr Koney said a huge cost of the revenue of the mining companies was spent on inputs such as electricity, diesel and payment of salaries and ...
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research and logistics as well as a legal review of Ghana's macro-fiscal regime. INTRODUCTION Ghana's economy and public finances have been hard hit by the dual shocks of the coronavirus pandemic and the oil price crash. The country's economy grew by less than 1 percent in 2020, the slowest pace since 1983. 1 More than a quarter of the
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This practice note looks at tax incentives in the mining sector with the aim of generating informed, well-grounded decisions with respect to potential revenue cost. It helps government decision-makers analyse tax incentives in relation to mining fiscal regime design and contract negotiations.
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