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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.

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Mining and tax in South Africa: Costs and benefits

However, South African mining companies enjoy generous tax treatment: they are able to deduct 100 per cent of much of their capital expenditures against tax while gold mining companies pay a corporation tax rate according to a formula that keeps remittances to government low.

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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.

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Mining duties, royalties and taxes in South Africa - Lexology

Jul 04, 2019  Gold mining companies are taxed in terms of a formula that, by and large, takes into account the profitability of the company and provides relief in cases where margins are below 5

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THE ECONOMICS OF GOLD MINING TAXATION

table 5.2 income tax rates applied to mining projects in selected jurisdictions for 2005 ..... 63 table 6.1 history of gold mining tax formula in south africa 1936-2005..... 79 table 6.2 income statement of two hypothetical gold mining

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South Africa: Tax implications for mining sector - KPMG ...

Mar 27, 2020  South Africa: Tax implications for mining sector. South Africa is in a nationwide “lockdown” effective for 21 days from midnight on 26 March 2020 to midnight on 16 April 2020 in response to the coronavirus (COVID-19). Share.

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Tax Solutions for Mining Taxation Services Deloitte ...

The African Mining industry is an integral cog to what is an intricate market landscape. Understanding the complexities of the various in-country regulations and tax rules is vital for business to navigate profitably through the industry. Deloitte Tax experts specialise in identifying real time solutions for mining entities across multiple tax ...

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HARD-ROCK MINING - Tax Com

RRT Resource Rent Tax SA South Africa SABS South African Bureau of Standards SACU Southern African Customs Union SADC Southern African Development Community SARS South African Revenue Service SIMS State Intervention in the Minerals Sector, ANC Policy Discussion Document SLP Social and Labour Plan.

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South Africa: Proposed mining tax incentives deferred ...

Oct 15, 2020  Mining tax incentives, proposed changes deferred. An amendment proposed to sections 15 and 36 of the Income Tax Act No. 52 of 1968 by the Draft Taxation Laws Amendment Bill (31 July 2020) has been deferred. The amendment, as proposed, would have had unintended income tax and royalty tax consequences. National Treasury on 13 October 2020 ...

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Tax Solutions for Mining Taxation Services Deloitte ...

The African Mining industry is an integral cog to what is an intricate market landscape. Understanding the complexities of the various in-country regulations and tax rules is vital for business to navigate profitably through the industry. Deloitte Tax experts specialise in identifying real time solutions for mining entities across multiple tax ...

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2297. Mining and prospecting - SAICA

Non-tax resident shareholders selling their shares (whether directly or indirectly through intermediary companies) in South African mining companies or prospecting companies may be subject to South African CGT and if so, the purchaser is obliged to withhold 7.5% of the purchase price as an advance payment of such CGT and pay it over to SARS.

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The Taxation of South African Mining and Prospecting ...

Nov 28, 2013  Non-tax resident shareholders selling their shares (whether directly or indirectly through intermediary companies) in South African mining companies or prospecting companies may be subject to South African CGT, and if so the purchaser is obliged to withhold 7.5% of the purchase price as an advance payment of such CGT and pay it over to SARS.

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South Africa: Proposed mining tax incentives deferred ...

Mining tax incentives, proposed changes deferred. An amendment proposed to sections 15 and 36 of the Income Tax Act No. 52 of 1968 by the Draft Taxation Laws Amendment Bill (31 July 2020) has been deferred. The amendment, as proposed, would have had unintended income tax and royalty tax consequences. National Treasury on 13 October 2020 ...

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THE NEW SOUTH AFRICAN MINERAL ROYALTY FORMULAE.

6.1.2 Chapter two: The South African Context: Mineral Fiscal Policy Issues.. 137 6.1.3 Chapter three: Methodology – Application of Bradley’s (Western Australia) model to the South African context ..... 139 6.1.4 Chapter four: Impact of MPRRA on the South African mining industry and

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INCOME TAX BENEFITS AVAILABLE TO THE MINING

Nov 26, 2014  the attention away from what South Africa has to offer. It is therefore necessary to consider ways in which current income tax benefits for the mining industry can be enhanced in order to encourage new mining projects. The South African mining sector is comparable to that of Australia, which has the third

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A comparative analysis of the meaning of 'Mining ...

M. Van Blerk, "Mining Tax in South Africa," (Rivonia: Taxfax CC, 1992), C-7. 9 . extensions to the mines qualifying for the 100% capital expenditure allowance were made over the years. However, it was not until 1972, that the 100% capital expenditure allowance

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How Cryptocurrency Is Taxed in South Africa TokenTax

South Africa crypto mining taxes. SARS tax treatment of crypto mining activity falls under both normal cash and barter transaction rules. Crypto miners are first taxed at the time they acquire the cryptocurrency in line with income taxes.

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Mining Royalties - ISBN: 0821365029

Effective Tax Rates in South Africa 222 5.2 Employee Numbers, Tonnes Milled, and Average Grade Milled in South African Gold Mines 225 Tables 2.1 Unique Attributes of the Mineral Industry and the Tax Policy Response 17 2.2 Taxes Sometimes Levied on the Mining Industry, and Their Basis 32 2.3 Policy Objectives of Tax Types and Their Prevalence 33

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Mining tax provisions have not kept up with the industry ...

Oct 03, 2019  Keith Engel, CEO of the South African Institute of Tax Professionals, says contract mining is a legitimate business practice undertaken without regard to tax. Intention behind the incentive

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Mining duties, royalties and taxes in South Africa

Sep 25, 2019  Gold mining companies are taxed in terms of a formula that, by and large, takes into account the profitability of the company and provides relief in cases where margins are below 5 per cent (often referred to as the tax tunnel). The gold mining formula was introduced to encourage gold mining investment and the mining of marginal ore deposits.

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A win for the mining industry: Decision regarding the ...

The formula presently applicable in s4 (2) is as follows: 0.5 + [earnings before interest and taxes/ (gross sales in respect of unrefined mineral resources x 9)] x 100. In terms of s4 (3) (b), the percentage determined in terms of the formula must not exceed 7%. Section 6 (2) (a) states that gross sales in respect of an unrefined mineral ...

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At a glance: mining duties, royalties and taxes in South ...

Jun 03, 2020  The gold mining formula was introduced to encourage gold mining investment and the mining of marginal ore deposits. Mining companies mining

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AN ANALYSIS OF THE TAX IMPLICATIONS OF PROSPECTING ...

these mining houses carried out almost all exploration activities in South Africa. Moreover, mining tax reform did not keep up with the mineral rights reform which was put into place by the MPRDA. Mining tax reform was last carried out in the early 1990s (Van Blerck, 1991), when large mining houses carried out the majority of exploration ...

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2297. Mining and prospecting - SAICA

Non-tax resident shareholders selling their shares (whether directly or indirectly through intermediary companies) in South African mining companies or prospecting companies may be subject to South African CGT and if so, the purchaser is obliged to withhold 7.5% of the purchase price as an advance payment of such CGT and pay it over to SARS.

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A win for the mining industry: Decision regarding the ...

The formula presently applicable in s4 (2) is as follows: 0.5 + [earnings before interest and taxes/ (gross sales in respect of unrefined mineral resources x 9)] x 100. In terms of s4 (3) (b), the percentage determined in terms of the formula must not exceed 7%. Section 6 (2) (a) states that gross sales in respect of an unrefined mineral ...

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Mining Tax in South Africa - Marius Cloete Van Blerck ...

Mining Tax in South Africa, Volume 199. Mining Tax in South Africa. , Volume 199. This book provides a detailed analysis of the various fiscal provisions which have contributed to South Africa's historical dominance of world mining including the unique gold formula tax. Current reform measures are also dealt with in some depth.

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AN ANALYSIS OF THE TAX IMPLICATIONS OF PROSPECTING ...

these mining houses carried out almost all exploration activities in South Africa. Moreover, mining tax reform did not keep up with the mineral rights reform which was put into place by the MPRDA. Mining tax reform was last carried out in the early 1990s (Van Blerck, 1991), when large mining houses carried out the majority of exploration ...

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INCOME TAX BENEFITS AVAILABLE TO THE MINING

Nov 26, 2014  the attention away from what South Africa has to offer. It is therefore necessary to consider ways in which current income tax benefits for the mining industry can be enhanced in order to encourage new mining projects. The South African mining sector is comparable to that of Australia, which has the third

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A comparative analysis of the meaning of 'Mining ...

M. Van Blerk, "Mining Tax in South Africa," (Rivonia: Taxfax CC, 1992), C-7. 9 . extensions to the mines qualifying for the 100% capital expenditure allowance were made over the years. However, it was not until 1972, that the 100% capital expenditure allowance

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Minerals and Mining Policy of South Africa: Green Paper ...

The Commission of Inquiry into Certain Aspects of the Tax Structure of South Africa (Katz Commission) is currently considering mining taxation and the taxation of mineral rights. In due course the Commission's findings should be considered in conjunction with the broad objectives of minerals and mining policy.

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Corporate income taxes, mining royalties and other mining ...

South Africa 41 Tanzania 43 Ukraine 45 United Kingdom 46 United States 47 List of PwC contacts 48 Foreword 1 Tax Regime Trends for ... This summary of income taxes, mining taxes and mining royalties should allow the reader to roughly compare the various governmental costs of investing in a mining

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Mining tax provisions have not kept up with the industry ...

Oct 03, 2019  Keith Engel, CEO of the South African Institute of Tax Professionals, says contract mining is a legitimate business practice undertaken without regard to tax. Intention behind the incentive

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South African withholding taxes – South African Tax Guide

Mar 02, 2015  Since 1 September 2007, a withholding tax is levied on the disposal by a non-resident of any immovable property in South Africa in terms of section 35A of the Act. This withholding tax is not a final tax but an advance payment of tax on the seller’s actual account of normal tax liability. The amount to be withheld is 5% of the amount payable ...

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South Africa: The State Intervention In The Minerals ...

Oct 15, 2012  The Report states that under the current fiscal regime, South Africa is not getting a fair share of such taxation and tables the following tax proposals: A Resource Rent Tax (“RRT”) of 50% to be imposed on all mining - after a normal return on investment (defined as the Treasury Long Bond Rate + 7%) has been achieved.

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Managing VAT in Africa – a mining perspective

This “Mining in Africa – a VAT perspective” publication seeks to ease the burden of monitoring VAT legislation specifically geared towards the mining industry. With our extensive Indirect Tax network in Africa, PwC can assist businesses involved in the mining industry, or

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Carbon tax: Strong medicine for the mining industry

May 23, 2019  This article first appeared in Mining Review Africa Issue 4, 2019 Read the full digimag here or subscribe to receive a print copy here. For the most part, the tax has not been well received by industry. For example, the Minerals Council South Africa

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EM Royalty Bill 2008 - 20 Aug 2008 - Treasury

The MPRDA brings South Africa’s mining legislation in line with prevailing ... the resource (the tax base) multiplied with the rate (e.g. 5.0%). In this instance, it ... the “refined” royalty percentage rate formula regime in order to ensure a lower

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2297. Mining and prospecting - SAICA

Non-tax resident shareholders selling their shares (whether directly or indirectly through intermediary companies) in South African mining companies or prospecting companies may be subject to South African CGT and if so, the purchaser is obliged to withhold 7.5% of the purchase price as an advance payment of such CGT and pay it over to SARS.

Get Price

Minerals and Mining Policy of South Africa: Green Paper ...

The Commission of Inquiry into Certain Aspects of the Tax Structure of South Africa (Katz Commission) is currently considering mining taxation and the taxation of mineral rights. In due course the Commission's findings should be considered in conjunction with the broad objectives of minerals and mining policy.

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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. A progressive element in the tax rate encourages mining of submarginal ores - leads to ...

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Managing VAT in Africa – a mining perspective

This “Mining in Africa – a VAT perspective” publication seeks to ease the burden of monitoring VAT legislation specifically geared towards the mining industry. With our extensive Indirect Tax network in Africa, PwC can assist businesses involved in the mining industry, or

Get Price

Corporate income taxes, mining royalties and other mining ...

South Africa 41 Tanzania 43 Ukraine 45 United Kingdom 46 United States 47 List of PwC contacts 48 Foreword 1 Tax Regime Trends for ... This summary of income taxes, mining taxes and mining royalties should allow the reader to roughly compare the various governmental costs of investing in a mining

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Income tax benefits available to the mining industry : a ...

The history of mining and the current taxation legislation applicable to the mining sector in South Africa was briefly discussed and analysed to provide an understanding of this industry. Australia recently introduced new taxation legislation and incentive scheme for the mining sector, namely the Exploration Development Incentive, effective ...

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Mining tax changes must not scare off ... - BDO South Africa

Feb 12, 2018  South Africa’s mineral bounty is a golden goose. While the proposed new mining tax regime might not kill that goose, we need to ask ourselves, do we want that goose to lay ten eggs, or just two? Read more BDO Insights. print or share. Subscribe to receive the latest BDO News and Insights.

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Tax investment boost for the mining sector in South Africa

Oct 29, 2018  Within the South African context, junior mining companies have been seen as too risky an investment by private equity firms, family offices, financial institutions and wealthy individuals. As a way to encourage investments in the mining sector, which is one of the largest employers in South Africa, Treasury introduced a tax incentive under ...

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ESTIMATION OF CAPITAL COSTS FOR ESTABLISHING COAL

The mining industry plays a critical role within the South African economy. In 2013, the mining industry contributed 4.9% to the South African Gross Domestic Product (GDP) (Statssa, 2014). The mining sector employed 2.8% of the total workforce in South Africa (Statssa, 2014). The GDP and

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Carbon tax: Strong medicine for the mining industry

May 23, 2019  This article first appeared in Mining Review Africa Issue 4, 2019 Read the full digimag here or subscribe to receive a print copy here. For the most part, the tax has not been well received by industry. For example, the Minerals Council South Africa

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South Africa Faces Tax Dilemma as Mining Industry Costs ...

Feb 06, 2013  Adding to mining costs, Eskom Holdings Ltd., which supplies about 95 percent of South Africa’s power, is seeking 16 percent average annual tariff increases until 2018 to fund expansion.

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Mining Codes in Africa: Emergence of a “Fourth” Generation?

Role of Corporate South Africa in Strengthening Africa’s Private Sector (SAIIA, ... share of exports and tax revenues for much of Africa, and holds enormous potential to ... Africa’s mining codes are now at the centre of a broader policy debate over natural resource governance and sustainable economic development on the continent.

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South African withholding taxes – South African Tax Guide

Mar 02, 2015  Since 1 September 2007, a withholding tax is levied on the disposal by a non-resident of any immovable property in South Africa in terms of section 35A of the Act. This withholding tax is not a final tax but an advance payment of tax on the seller’s actual account of normal tax liability. The amount to be withheld is 5% of the amount payable ...

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KPMG GLOBAL MINING INSTITUTE Guinea

Mining contribution to total exports. Set to become world’s largest iron ore mine and infrastructure venture of its kind Estimated Simandou South iron ore production at full capacity. 1. Guinea 2012, African Economic Outlook, May 2012, Guinea” African Economic Outlook, accessed 23 August 2013 2.

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