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Tanzania introduces new mining tax in budget plan for 2017

June 13, 2017 1:30 pm

Finance minister Dr Philip Mpango announced the new tax on Thursday as he tabled the 2017/18 national budget in parliament.

The Tanzanian government has introduced a clearing fee of one per cent of the value of minerals that will be paid in clearing houses before export.

The minister said the government would not allow direct exportation of minerals from the mines to other countries and would instead establish clearing houses. The clearing houses are based at international airports, mining areas and other areas where the minerals will be verified and issued export permits.

The move comes after a special committee formed by the President reported that mineral ores destined for export were being undervalued. The report showed that an average of 1,400 grams of gold per tonne of mineral sands in containers, yet the Tanzania Minerals Audit Agency (TMAA) indicated an average of only 200 grams.

The committee also reported discrepancies in copper and silver ratios, while no royalty was paid for other compounds like iron, sulphur, rhodium, iridium, and lithium despite there being smelted from the concentrates.

Author: Staff Writer

Tanzania introduces new mining tax in budget plan for 2017 Reviewed by on . Finance minister Dr Philip Mpango announced the new tax on Thursday as he tabled the 2017/18 national budget in parliament. The Tanzanian government has introdu Finance minister Dr Philip Mpango announced the new tax on Thursday as he tabled the 2017/18 national budget in parliament. The Tanzanian government has introdu Rating: 0
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