Gov't To Reduce VAT On Exploration Activities- Lands Minister
| Updated Sep 09, 2017 at 11:08pm
The government is putting modalities in place to reduce VAT on exploration activities.
Discussions to that effect are ongoing with the Ministry of Finance and mining companies.
That’s according to the Minister of Land and Natural Resources, John Peter Amewu, speaking at the end of a three day Africa Mining Conference in Perth, Australia.
This the Minister said, government is certain that the move will remove some of the tax burdens on businesses in the exploration and extractive sector and also attract more investors.
“Government has intended to attract more businesses like mining companies into Ghana and we are looking seriously into the regime to make it more attractive...one of the difficulties that we know that most of the mining companies in Ghana face have to do with the Value Added Tax on exploration activities.
We are having serious discussions with companies to see how we can together begin to reduce it," the Minister said.
He said the 2018 budget, which is set to be presented to Parliament in November this year is likely to capture the revised VAT charges on exploration activities.
“I have had several engagements with the Minister of Finance and we are hoping that in next year’s budget something will come out very significantly in the area of that.” He noted.
The issue of VAT on mining exploration remains a major concern for mining companies in the country.
Mr. Amewu was in Australia for the 2017 Africa Down Under Conference, and also to explore business opportunities in the mining sector.