Revenue Goldfields pays 0.5 billion cedis in taxes for 2016

The mining frirm has become to largest tax payer after filing 501 million cedis tax payment in 2016

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

The Ghana Revenue authority has announced Goldfields Ghana Limited as the largest taxpayer for the government of Ghana in 2016.

According to the revenue authority, the mining firm turned in 501 million cedis (0.5 billion cedis) in direct and indirect taxes.

Out of the total amount paid, Royalties accounted for the highest.

READ ALSO:GRA poised to meet 2017 revenue target

The company paid 196 million cedis in Royalties representing 39.12 percent of the total tax amount.

Corporate tax came second, accounting for 159 million cedis, which represents 32 percent.

Pay as you earn (PAYE) and Withholding taxes with 94 million and 52 million cedis respectively.

The government of Ghana granted tax and royalty concessions to Gold Fields Ghana Limited in March 2016 as part of the stability agreement reached after a long deliberation with the government to ease tax burden on Gold Fields.

READ ALSO:Parliament approves tax cut bills

play Chief Executive Officer and Executive Director of Gold Fields Nick Holland

 

The Chief Executive Officer and Executive Director of Gold Fields Nick Holland told Citi Business News that the agreement reached with government is a win-win for the company and Ghana

Industry players say the stability agreement will save Gold Fields some 33million dollars in some mines at its Damang operations.

READ ALSO:Nana Addo names new GRA boss

 

The Ghana Revenue Authority has however cautioned all recalcitrant tax payers to be tax compliant moving forward

Recommended Articles