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gold mining tax formula south africa

Jul 04 2019 · The gold mining formula was introduced to encourage gold mining investment and the mining of marginal ore deposits Mining companies mining for minerals other than gold

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  • THE ECONOMICS OF GOLD MINING TAXATION

    THE ECONOMICS OF GOLD MINING TAXATION

    The nature of the gold mining tax formula encourages the mining of marginal gold ores Firms that are involved in the mining of gold are 641 Categories of ringfencing in the South African gold mining industry 89 6411 Taxpayer ringfencing

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  • Mining duties royalties and taxes in South Africa

    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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  • Mining and tax in South Africa Costs and benefits

    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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  • SOUTH AFRICA MINING AND PETROLEUM ROYALTIES

    SOUTH AFRICA MINING AND PETROLEUM ROYALTIES

    the “Royalty Act” regulates the imposition and calculation of mining royalties Mining royalties are deductible for income tax purposes Basic Structure of Royalty Regime In South Africa the liability to pay mining royalties arises when mineral resources which have

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  • gold mining tax formula south africa

    gold mining tax formula south africa

    The nature of the gold mining tax formula encourages the mining of marginal gold ores Firms that are involved in the mining of gold are 641 Categories of ringfencing in the South African gold mining industry89 6411 Taxpayer ringfencingget price

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  • Mining Royalties ISBN 0821365029

    Mining Royalties ISBN 0821365029

    Effective Tax Rates in South Africa 222 52 Employee Numbers Tonnes Milled and Average Grade Milled in South African Gold Mines 225 Tables 21 Unique Attributes of the Mineral Industry and the Tax Policy Response 17 22 Taxes Sometimes Levied on the Mining Industry and Their Basis 32 23 Policy Objectives of Tax Types and Their Prevalence 33

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  • Gold has rewarded State shareholders Mining Weekly

    Gold has rewarded State shareholders Mining Weekly

    South Africa’s gold tax formula has rewarded the State and mine shareholders in equal measure data covering a period of 60 years shows South African goldmining figures from 1951 to 2011 show

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  • The Taxation of South African Mining and Prospecting

    The Taxation of South African Mining and Prospecting

    Nov 28 2013 · Nontax 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 75 of the purchase price as an advance payment of such CGT and pay it over to SARS

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  • Taxation of mining industries Ferdi

    Taxation of mining industries Ferdi

    The Ferdi provides the first legal and tax database that lists the tax regime applicable to industrial gold mines in 22 African producing countries since the 1980s and a simulation tool for sharing the mineral resource rent between State and investors The tools provided make it possible to 1 understand the characteristics of the mining taxation 2 know the evolution of the mining taxation

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  • Mineral and Petroleum Resources Royalty

    Mineral and Petroleum Resources Royalty

    To bring South Africa in line with prevailing international norms the Department of Minerals and Energy promulgated the Mineral and Petroleum Resources Development Act 2002 MPRDA in terms of which these resources are recognised as the common heritage of all the people of South Africa with the State as custodian thereof for the benefit of all South Africans

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  • HARDROCK MINING Tax Com

    HARDROCK MINING Tax Com

    marginal mine ores The gold formula achieves this by creating a socalled tax tunnel whereby taxpayers operating with a profitability ratio below 5 are exempt from tax on taxable income The gold formula is also designed to tax gold mines at an increasing marginal rate depending on profitability ensuring that the more profitable gold mines

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  • Davis Tax Committee recommends Deloitte South Africa

    Davis Tax Committee recommends Deloitte South Africa

    The gold mining formula be phased out for new projects and remain optional for existing mines Alex is a director in the Global Business Tax Team of our South African practice He has over 10 years’ experience as a tax specialist including working at the South African Revenue Service Alex has

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  • Mining Law 2021 Laws and Regulations South Africa ICLG

    Mining Law 2021 Laws and Regulations South Africa ICLG

    Like all South African companies mining companies are subject to the provisions of the Income Tax Act 1962 There are however special rules applicable to the taxation of prospecting and mining companies In this regard it is imperative that a person who wishes to rely on these rules is the holder of a prospecting or mining right as

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  • South African gold mining taxation An example of a

    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

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  • Guide for Tax RatesDutiesLevies South African

    Guide for Tax RatesDutiesLevies South African

    121 Companies mining for gold These companies are taxed according to one of the following “gold mining tax formulae” a Rate of normal tax on taxable income derived from mining for gold Year of assessment ending during the period Mining company not exempt from STC

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  • Mining Royalties ISBN 0821365029

    Mining Royalties ISBN 0821365029

    Effective Tax Rates in South Africa 222 52 Employee Numbers Tonnes Milled and Average Grade Milled in South African Gold Mines 225 Tables 21 Unique Attributes of the Mineral Industry and the Tax Policy Response 17 22 Taxes Sometimes Levied on the Mining Industry and Their Basis 32 23 Policy Objectives of Tax Types and Their Prevalence 33

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  • Note 9 Gold Fields

    Note 9 Gold Fields

    The result is that there is only one gold mining formula with effect from 1 January 2012 2 Nonmining income of South African mining operations consists primarily of interest income 3 During the budget speech presented by the Minister of Finance of Ghana on 16 November 2011 certain changes to the current tax regime relating to mining

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  • Minerals and Mining Policy of South Africa Green Paper

    Minerals and Mining Policy of South Africa Green Paper

    The Katz Commission is investigating mining tax in South Africa The Commissions recommendations will need to be considered in conjunction with the policy options set out here It is understood that the Commission will be considering a number of tax issues for example redemption of capital expenditure in mining capital allowances for gold

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  • Australian miners tax affairs shrouded in secrecy with

    Australian miners tax affairs shrouded in secrecy with

    Jul 30 2019 · A new report by Oxfam and the Tax Justice Network calls on mining companies to pay their fair share of tax estimating 11 billion in profit may have been shifted out of Africa by Australian

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  • South Africa Corporate Taxes on corporate income

    South Africa Corporate Taxes on corporate income

    In South Africa the CIT rate applicable for corporate income of both resident and nonresident companies for tax years ending between 1 April 2020 and 31 March 2021 is a flat 28 Special rates of normal tax based on a standard formula are prescribed for companies mining for gold Companies mining for other minerals are subject to the

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  • Gold Mining in Africa Maximizing Economic Returns for

    Gold Mining in Africa Maximizing Economic Returns for

    world in order are China US Australia South Africa and Russia In addition to gold that comes from mines an additional 1500MT of annual global output on average comes from recycling World Gold Council 2011 Figure 1 The distribution of gold mine production in Africa

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  • 201908 New MOOC Mining for development The

    201908 New MOOC Mining for development The

    Jul 06 2020 · New MOOC Mining for development The taxation linkage 6 July 2020 Wits University Free online WitsXedX learning platform offers Mining for Development the taxation linkage course The WitsX course Mining for development The taxation linkage is aimed at public policy makers decision makers in private sector companies and activists

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  • Regulations and taxation World Gold Council

    Regulations and taxation World Gold Council

    National mining laws cover areas such as licensing process foreign ownership of land environment rules health and safety tax and royalty payments Responsible sourcing regulations In addition to national mining laws there are a number of regulations that specifically cover the responsible sourcing of gold

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  • Mining metals Energy utilities mining Industries PwC

    Mining metals Energy utilities mining Industries PwC

    The mining and metals sector has taken a big demand hit from the COVID19 crisis And both industries have faced considerable logistical challenges For many mines physical isolation immediately became a great geographical advantage less so for those who depend on

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  • A win for the mining industry Decision regarding the

    A win for the mining industry Decision regarding the

    The formula presently applicable in s42 is as follows 05 earnings before interest and taxesgross sales in respect of unrefined mineral resources x 9 x 100 In terms of s43b the percentage determined in terms of the formula must not exceed 7

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  • 2297 Mining and prospecting SAICA

    2297 Mining and prospecting SAICA

    Nontax 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 75 of the purchase price as an advance payment of such CGT and pay it over to SARS

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  • South Africa Corporate Taxes on corporate income

    South Africa Corporate Taxes on corporate income

    In South Africa the CIT rate applicable for corporate income of both resident and nonresident companies for tax years ending between 1 April 2020 and 31 March 2021 is a flat 28 Special rates of normal tax based on a standard formula are prescribed for companies mining for gold Companies mining for other minerals are subject to the

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  • Bowmans outlines tax impact of Covid19 on mining

    Bowmans outlines tax impact of Covid19 on mining

    During the 21day lockdown period mining operations in South Africa will scale down significantly and the effect on deeplevel mines will probably be the most significant says specialist legal

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  • Gold Mining in Africa Maximizing Economic Returns for

    Gold Mining in Africa Maximizing Economic Returns for

    world in order are China US Australia South Africa and Russia In addition to gold that comes from mines an additional 1500MT of annual global output on average comes from recycling World Gold Council 2011 Figure 1 The distribution of gold mine production in Africa

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  • Deloitte Africa Quick Tax guide

    Deloitte Africa Quick Tax guide

    foreign taxes withheld on such remuneration as a credit against the employees’ tax “PAYE” payable in South Africa but further workshops will be held to address any administrative concerns Deductions and Tax Credits Medical expenses • Medical scheme fees tax credit Monthly credit of R310 each for the taxpayer and hisher spouse or

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  • Mining and minerals in South Africa

    Mining and minerals in South Africa

    Aug 16 2012 · With South Africa’s economy built on gold and diamond mining the sector is an important foreign exchange earner with gold accounting for more than onethird of exports In 2009 the country’s diamond industry was the fourth largest in the world South Africa is also a major producer of coal manganese and chrome

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  • Mining Valuation Techniques PNAV PCF EVResource

    Mining Valuation Techniques PNAV PCF EVResource

    The formula is as follows PNAV Market Capitalization NPV of all Mining Assets – Net Debt For a more detailed overview of PNAV see our course on mining financial modeling NAV is a sumoftheparts approach to valuation in that each individual mining asset is

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  • Taxes on Physical Gold and Silver Investments

    Taxes on Physical Gold and Silver Investments

    Feb 16 2020 · Items that require such filing include 1000 face value of US 90 silver dimes quarter or half dollars and 25 or more 1ounce Gold Maple Leaf Gold Krugerrand or Gold Mexican Onza coins

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  • SARS Home

    SARS Home

    Tax Rates Visit the national COVID19 Online Resource and News Portal at or see SARS COVID19 news items and tax relief measures here Due to ongoing maintenance eFiling may not be available on Friday 4 December 2020 from 1700 to 2300

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  • Gold Exports by Country 2019

    Gold Exports by Country 2019

    Gold bar glitter Global sales from gold exports by country totaled US2954 billion in 2019 Overall the value of gold exports dropped by an average 43 for all exporting countries since 2015 when gold shipments were valued at 3089 billion From 2018 to 2019 the value of globally exported gold

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  • African Gold Group Home

    African Gold Group Home

    November 23 2020 African Gold Group Extends Existing Shear Zone Structures by More Than 80 at its Flagship Kobada Property November 18 2020 African Gold Group Increases Vertical Depth of Oxide Ore Body Intersects 185 gt Au and 841 gt Au at the Kobada Gold Project on Infill Drilling Programme November 12 2020 African Gold Group Infill Drilling Programme Exceeds Expectations at

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  • The Cost Of Producing An Ounce Of Gold American Bullion

    The Cost Of Producing An Ounce Of Gold American Bullion

    South African gold mines are relatively insecure mainly because South Africa remains a relatively dangerous place to conduct business Companies there may have to hire additional security because the region lacks the property rights protection police presence and just legal systems of more developed regions The 8 Stages of the Gold Mining

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