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THE Reserve Bank of Zimbabwe (RBZ) will assume responsibility for collecting, holding, and managing reserve assets from the 50 percent in-kind mining royalties in line with the latest regulations ...
The Herald (Harare) Companies mining specified minerals are now required to pay 50 percent of their royalties in kind with effect from October 1, 2022, the Reserve Bank of Zimbabwe (RBZ) announced ...
The Zimbabwe Revenue Authority (ZIMRA) has advised miners and Mining companies to cease with immediate effect, remitting mining royalties to the Reserve Bank of Zimbabwe (RBZ) and remit to ZIMRA Commissioner General in compliance with the country's mining and financial laws. Rudairo Mapuranga. A mining royalty is a …
The rate for companies listed on the Zimbabwe Stock Exchange is reduced to 10%. 2.5% where more than 25% of shares are held; 7.5% in all other cases. 5% where 25% of shares are held; 10% in all other cases. 'N/A' means that the provisions of the tax treaty limit the rate to a rate that is higher than the local Zimbabwean rate.
Miners in Zimbabwe are obligated to pay royalties to the State from the minerals they would have extracted. Royalty is a charge that the government levies on …
THE Reserve Bank of Zimbabwe (RBZ) has set the conditions for 50% raw minerals royalties collections after being conferred with the responsibility by the government. The development follows an announcement made by Finance Minister, Mthuli Ncube in his 2023 National Budget ordering mining companies to pay 50% royalties …
REUTERS/Philimon Bulawayo Purchase Licensing Rights. JOHANNESBURG, Oct 9 (Reuters) - Global miners operating in Zimbabwe will have to pay some of their royalties in refined metal rather than cash ...
special mining leases (as defined by Part IX of the Mines and minerals act) and 25% for all other mining leases. mining royalties are based on the value of minerals or mineral-bearing products at the mine sites and are payable to the Zimbabwe Revenue Authority. Royalties for diamond are 15%; other
Zimbabwe's Chamber of Mines 2022 state of mining report projected significant growth in the diamond, coal, and chrome subsectors, with PGM continuing to lead the sector. The Chamber of Mines reported gold output reached an all-time high of 37.3 tons in 2022, up from 31.5 tons in 2021, and projected to increase to 42 tons in 2023.
Zimbabwe will double the royalty rate it charges mining companies on the platinum group metals (PGMs) they produce to 5% from January 2023 in a bid to increase government revenues. The country is the world's third-largest producer of platinum, after South Africa and Russia, hosting major miners Anglo American Platinum, Impala …
COMPANIES mining specified minerals are now required to pay 50 percent of their royalties in kind with effect from October 1, 2022, the Reserve Bank of Zimbabwe (RBZ) announced in a statement ...
Image by Great Dyke Investments. Zimbabwe plans to increase royalty rates on platinum producers and introduce one for lithium miners from Jan. 1 as part of efforts to boost its coffers that have ...
In summary, Zimbabwe's mining sector offers an array of tax incentives and royalties, making it an attractive destination for exploration and mining activities. These …
Global miners operating in Zimbabwe will have to pay some of their royalties in refined metal rather than cash, the country's president wrote in a newspaper on Sunday, as the country struggles ...
However, there is a prevailing sense of pessimism regarding Zimbabwe's mining outlook. The mining index, as measured by the Zimbabwe National Chamber of Commerce (ZNCC), experienced a notable growth of 9.4% in 2022. However, the most recent survey conducted by the ZNCC indicates a decline in this positive trend, with the …
The cash component of the royalties would be made up of 40% Zimbabwean dollars and 10% in foreign currency, according to the notice. Zimbabwe's royalty rates range between 5% for gold and platinum ...
Zimbabwe is the third largest producer of platinum, after South Africa and Russia, with major miners Anglo American Platinum, Impala Platinum and Sibanye Stillwater operating in the country. ... South Africa, the world's leading PGM producer, uses a formula to calculate the royalties it charges mining companies, based on earnings. …
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
Through Statutory Instrument 189 of 2022, the government of Zimbabwe has promulgated new regulations to the effect that mineral royalties are to be paid partly in kind and partly in monetary form. The …
Tax Tables. Whistle-Blower Online Portal. 1. MINING –RATES OF ROYALTIES. With effect from the 1 st January, 2011, the rates of royalties have been reviewed as follows:-. Mineral. % of gross fair market value of mineral produced. Precious stones. 10%.
A number of private mining companies have operated in partnership with the state-owned Zimbabwe Mining Development Corporation (ZMDC) since the late 2000s. ... Royalty payments, which …
Zimbabwe's President Emmerson Mnangagwa said a new policy that compels miners to pay half of their royalties in commodities and half in cash will start from this month as the country attempts to build precious metal and mineral stockpiles for the first time. The southern African nation will hold reserves of gold, diamonds, platinum and ...
Miners' royalties headache. February 24, 2022. 0 96. Zimbabwe's mining industry wants to wholly pay royalties, taxes and other levies in local currency to improve the viability of the sector amid revelations they are struggling to find takers for the local currency. Currently, the miners are paying half of their royalties in Zimbabwe ...
RATES OF MINING ROYALTIES, DUTY AND FEES Section 245 (Royalties) Percentage of gross fair market value of mineral produced Gold produced by small scale gold miners 1% (for the fi rst 0.5kgs of gold delivered to a holder of a gold dealing licence in a calendar month) 1% (if the gold is delivered by a ...
8th November 2022. By: Reuters. Font size: - +. Zimbabwe has passed regulations allowing the state to collect mining royalties partly in the form of minerals, according to a government notice...
Royalty on Gold for Small Scale Miners. ... Mining Zimbabwe is a premier publication, offering insightful perspectives, up-to-minute news, policy and comprehensive analysis of the Zimbabwe mining industry. Telephone: +263 242 777728 . Visit us (Zimbabwe) 4th Floor Fidelity Life Towers;
Zimbabwe. Miners operating in Zimbabwe will have to pay some of their royalties in refined metal rather than cash. The country's president announced the move in a newspaper on Sunday (Oct 9), as ...
There are various tax incentives given to miners involved in exploration and mining. For holders of special mining leases, taxation is at a flat rate of 15% as opposed to 24.72% for other miners. The holders may, however, be liable to additional profit tax calculated based on a formula.
Authorised Dealers should deduct mining royalties from payment received in relation to exports from the mining companies. The mining royalties deducted should be remitted to Zimbabwe Revenue Authority (ZIMRA) using the respective Business Partner Number and Contract Number of the mining company or person who has received export proceeds.
June 16, 2021. 0. 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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