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Jun 18, 2021 The Zimbabwe Revenue Authority (Zimra) has begun deducting mining royalties on behalf of the national Treasury. The tax authority instructed all mining bodies to start abiding by the new conditions for making payments for mining royalties effective 27th May 2021. The payment in being made through banking institutions.
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Apr 22, 2021 April 22, 2021. Posted in NEWS. Zimbabwe’s multi-billion-dollar mining sector has been granted the nod to pay part of their royalties, taxes and rural district council levies in local currency in a major boost for the capital intensive sector. The sector contributes over 60% of the country’s export receipts which is used to oil the economy through the importation of raw materials for production and drugs.
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Mining royalties dip 45 percent - DailyNews Live. 29 Jan 2014 ... HARARE - Zimbabwe's mining royalties slumped by 45 percent to $133,7 million against a target of $245 million in the full year to …
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Jun 17, 2021 The Zimbabwe tax authority said yesterday all mining entities and individuals should start complying with the new requirements for remitting mining royalties with effect from the 27th of last month. Payment of mining royalties through Zimra is meant to make it easier for miners to remit royalties as the Minerals Marketing Corporation of Zimbabwe (MMCZ) remains under US illegal economic sanctions.
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Jun 16, 2021 Payment of mining royalties through Zimra is meant to make it easier for miners to remit royalties as the Minerals Marketing Corporation of Zimbabwe (MMCZ) remains under US illegal economic...
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Aug 25, 2017 Mining royalties are charged in terms of the Mines and Minerals Act and according to the Zimbabwe Revenue Authority’s schedule diamond miners pay …
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The introduction of 2% royalties for small scale gold miners and a floating rate between 3% and 5% for large scale miners. Mining royalties will be tax deductible, however, only effective from 1 January 2020. Excise Duty on fuel, tobacco and alcohol products have been increased.
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Jun 16, 2021 THE Zimbabwe Revenue Authority (Zimra) has started executing its recently added mandate of deducting mining royalties, through banking institutions, on behalf of Treasury. The tax authority said ...
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May 27, 2021 RBZ rings changes to mining royalties & commissions payment modalities. HARARE – For ease of administration, the Reserve Bank of Zimbabwe has announced that all commissions and royalties that are due and deductible at the point of receipt of export proceeds will now be paid to the Zimbabwe Revenue Authority in the normal manner.
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Dec 03, 2013 Govt to lower mining royalties. Government will lower royalties from mineral sales, particularly for gold miners in a bid to shore up deliveries and resuscitate its refinery, Fidelity Printers, the mines minister has said. Zimbabwe wants to reopen Fidelity, a subsidiary of the central bank which closed shop in 2008 after deliveries fell to ...
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The fees are pegged at $1.50 per hectare for an operational mine and $0.60 for a non-operational one. Mining royalties are not collected in Zimbabwe - they were last collected in 1975 as a measure to attract investment in the mining sector.
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Mining royalties continue to be collectable in foreign currency to the extent the amounts from which they are withheld are foreign currency amounts. 20. 20 KPMG Zimbabwe is a Zimbabwean partnership and a member firm of the KPMG network of independent member firmsaffiliated w ith KPMG Inter national Cooperative (“KPMG
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Oct 09, 2020 Zimbabwe: Mining Laws and Regulations 2021. ICLG - Mining Laws and Regulations - Zimbabwe covers common issues in mining laws and regulations – including the acquisition of rights, ownership requirements and restrictions, processing, transfer and encumbrance, environmental aspects, native title and land rights – in 15 jurisdictions.
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‘The idea is a special-purpose vehicle out of which we can then raise resources on the back of some escrowed tax revenues from specific sources that are ring-fenced,’ Ncube said, adding that the tax could be in the form of mining royalties. Zimbabwe exports platinum, gold, nickel and chrome.
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Jan 24, 2012 Mining: Royalties, taxes and indigenisation remain in the spotlight. Click to share on Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ... The revision, which is yet to be passed by parliament, will however trim taxes on mining income to 25% from 35%.
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Mining royalties. With effect from 1 January 2010. The following are deemed to be agents of the Commissioner General for purposes of collecting royalties on the sale of minerals. All minerals except gold; the Minerals Marketing Corporation of Zimbabwe (MMCZ) or any person authorized by them to export such minerals in its own right.
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Jun 18, 2018 The mining sector contributed about a quarter of export receipts in 2017[i] which indicative of the importance of mining to Zimbabwe. Mineral exports brought about US$2 billion into the country…
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Dec 03, 2013 AfDB said in its economic review on Zimbabwe for last month that the mineral royalties in Zimbabwe were “still too high since there was a substantial increase of the mining fees in January 2012 ...
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Oct 01, 2020 Calculating mining royalty. Your mining royalty liability is calculated using rates set out in Schedule 3 of the Mineral Resources Regulation 2013. Knowing what rates apply to particular minerals will help you calculate your liability. No royalty is payable on the first $100,000 of the combined value of certain minerals sold, disposed of or ...
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