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Lands Minister-designate to scrap stability agreements within the minerals sector

February 1, 2017 12:10 PM

John Peter Amewu explained that removing stability agreements in the mining and oil sectors will increase revenue accrued from there.

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The Minister-designate for Lands and Natural Resources, John Peter Amewu, has indicated that his ministry will remove the stability agreements within the minerals sector if approved by Parliament.

He was responding to questions when he took his turn at the appointment committee to be vetted for his position.

Amewu said removing stability agreements in the mining and oil sectors will increase revenue accrued from there.

“There are clauses in the contracts entered into by government and international companies in those industries which seek to protect the investment of the foreign entity. These sometimes come in the form of tax waivers to encourage more foreign investment. Such agreements have been criticized by stakeholders as they deprive the country of needed revenue,” he said.

He also revealed that government will review the taxes on imported wood. He believes such taxes prohibit the country from sourcing quality wood from its neighbors to feed the furniture industry.