{"id":65314,"date":"2022-08-31T16:52:03","date_gmt":"2022-08-31T14:52:03","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust"},"modified":"2022-08-31T19:08:54","modified_gmt":"2022-08-31T17:08:54","slug":"biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust","title":{"rendered":"Biti Says Finance Minister Ncube\u2019s Proposed Tax Holidays For Platinum Miners Are Unjust"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Harare East Member of Parliament, Tendai Biti, has said tax holidays proposed by Finance Minister Mthuli Ncube for Platinum miners are unjust.<\/p>\n

In the 2022 Mid-term Budget and Economic Review and Supplementary Budget, Ncube said:<\/p>\n

In consideration of the work in progress to establish a platinum beneficiation plant, Government suspended export tax on exports of matte.<\/p>\n

This was in sync with an announcement he made during a May interview with ZTN \u201cThe Mint Special\u201d programme that the government had suspended the 5 per cent levy on raw platinum exports. He said miners said the levy was choking their operations. He said:<\/p>\n

They wrote to me and gave me good reasons as to why this tax is not a good tax and that it is hurting investments. Certainly, in their arguments, I was convinced and the Government was convinced and I also briefed His Excellence (the President).<\/b>
\nAnd we decided, as a Government, to remove or suspend that tax, so it\u2019s no longer applicable and this has been welcomed by the platinum industry.<\/b>
\nBecause it\u2019s about a change in tax, it is always better to effect it in a Finance Bill Amendment, but that tax is not being collected by anyone.<\/b><\/p>\n

He added that he had directed the Zimbabwe Revenue Authority (ZIMRA) to stop collecting the tax.<\/p>\n

Biti, a former Minister of Finance during the Government of National Unity (GNU) said the move would cost Zimbabwe. He said:<\/p>\n

The Minister of Finance proposes to suspend the payment of VAT by Platinum mines on unprocessed raw exports. He further proposes that Platinum Houses should pay their taxes 50% in Zim$ yet all their income is US$ export earnings. Unjust tax breaks have cost Africa for decades.<\/p>\n

i). To persuade miners to develop domestic value addition facilities, to optimise returns from its vast platinum deposits.<\/b>
\nii). Platinum miners are exporting the mineral to South Africa for refinement, largely in a raw or semi-processed state, depriving the country of significant potential revenues.<\/b>
\niii). Platinum together with gold, generate more than half the foreign exchange inflows from the mining sector.<\/b><\/p>\n

Zimbabwe has the third biggest known platinum deposits.<\/p>\n

a). Zimplats (a unit of South Africa\u2019s Implats),<\/b>
\nb). Mimosa Mining Company (co-owned by Implats and Sibanye Stillwater of South Africa), and<\/b>
\nc). Unki Mine (a unit of Anglo-American).<\/b>
\ni). Great Dyke Investments (a joint venture between Zimbabwean and Russian investors)<\/b>
\nii). South African firm Tharisa Capital\u2019s fledgling Karo Resources project and<\/b>
\niii). Bravura, fronted by Nigerian investor Benedict Peters.<\/b><\/p>\n

Zimbabwe intends to grow mineral loads from mining to US$12 billion by 2023 from US$2.7 billion in 2017.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Harare East Member of Parliament, Tendai Biti, has said tax holidays proposed by Finance Minister Mthuli Ncube for Platinum miners are unjust. In the 2022 Mid-term Budget and Economic Review and Supplementary Budget, Ncube said: In consideration of the work in progress to establish a platinum beneficiation plant, Government suspended export tax […]<\/p>\n","protected":false},"author":84,"featured_media":65313,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,15],"tags":[1493,2189,807,1119,1164,19],"class_list":{"0":"post-65314","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-homepage-english","10":"category-policy","11":"category-twitter","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-mthuli-ncube","15":"tag-platinum","16":"tag-tendai-biti","17":"tag-zimbabwe"},"yoast_head":"\nBiti Says Finance Minister Ncube\u2019s Proposed Tax Holidays For Platinum Miners Are Unjust - zimbabwe<\/title>\n<meta name=\"description\" content=\"Harare East Member of Parliament, Tendai Biti, has said tax holidays proposed by Finance Minister Mthuli Ncube for Plati ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biti Says Finance Minister Ncube\u2019s Proposed Tax Holidays For Platinum Miners Are Unjust\" \/>\n<meta property=\"og:description\" content=\"Harare East Member of Parliament, Tendai Biti, has said tax holidays proposed by Finance Minister Mthuli Ncube for Plati ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-31T14:52:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-31T17:08:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/08\/postQueueImg_3-630f95891c4f2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-finance-minister-ncubes-proposed-tax-holidays-for-platinum-miners-are-unjust\",\"name\":\"Biti Says Finance Minister Ncube\u2019s Proposed Tax Holidays For Platinum Miners Are Unjust - 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