[miningmx.com] – SOUTH Africa should not consider additional taxes for the country’s mining sector, but a revamp of its gold tax mining regime was advisable, said Reuters citing recommendations in the Davis Tax Committee.
“The Committee takes the view that new tax instruments are not necessary,” said the report, a copy of which was sent to Finance Minister Nhlanhla Nene. Senior officials in the ANC had called for windfall taxes to be imposed during the commodity boom.
The committee also said that while it preferred that the tax regime applied to gold producers be brought into line with other companies in the mining industry, it recommended the status quo be maintained for existing mines to protect jobs.
“In order not to precipitate further decline in employment, particularly in marginal mines, the Committee recommends that the mining formula be retained for existing gold mines,” it said.
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