[miningmx.com] – THE Zimbabwean government would cut royalties on gold production to 3% in January from 5% currently in an effort to encourage an increase in output, said Reuters citing Zimbabwean finance minister, Patrick Chinamasa.
“Since incremental production will only be accounted for by the end of the following year, mining houses that qualify will benefit from the scheme through a tax credit which will be used to pay future tax obligations,” said Chinamasa.
Zimbabwe’s gold output is expected to rise by 28% to 24 tonnes in 2016 from 18.7 tonnes this year, said Reuters.
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