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Monday, 13 August 2012

PAYE is not a Mining Tax

“PAYE is tax paid by workers and when this is removed from their tax bracket, the mines contribute very little to the treasury"
- Miles Sampa (Finance D. Minister)

Well, well.... Glad we are nearly on the same page. I say nearly because even if you include PAYE we are still getting less than 10% of total mineral export revenue. If you consider subsidies on electricity, no duty on fuel, etc we look foolish indeed. That is before you consider that our precious stones are not even taxed properly or controlled. We are losing out big time. As things stand it is certainly more money in foreign pockets. But the statement by Mr Sampa at-least does suggest that Government now appreciates this elementary point. Now can we please do something about it? 

1 comment:

  1. Pay-as-you-earn tax is very important because it is the fund used by the Government whenever they have projects. The only thing I do not know is that if a completed and filed form 2290 tax is included in the Government's tax fund.


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