News dalla rete ITA

11 Agosto 2021

Uganda

UGANDA: GOLD EXPORTERS TO PAY $200 IN TAXES FOR EVERY KILOGRAM

Gold exporters will be required to pay $200 or Shs740,000 for each exported kilogram ofthe precious metal, according to the Mining (Amendment) Bill 2021.The Bill, which has already been passed by Cabinet, is still before Parliament awaitingdeliberations. It will apply to both gold and other minerals.Under the Bill, other unprocessed mineral exports will be subjected to a 1 per cent levy forevery kilogram, it is not clear how much government will be seeking to mobilize from thenew levy but gold remains an important export and revenue earner to the government ofUganda.According to data from Bank of Uganda, gold is Uganda's leading export, contributing atleast 44 per cent of total export volumes.The Bill, which is part of a raft of tax mobilization efforts by the Ministry of Finance, isexpected to take off beginning July 2021.Initially, government, through the Department of Geology, had been levying a charge of 10per cent of the value of exported precious stones, among them gold.It is not clear how the new levy will be accessed but the Bill indicates, exporters will have topay the levies at the point of export after assessment by Uganda Revenue Authority.Previously, Mr. John Lwere, the Uganda Export Promotion Board, export executive, saidexporters had been required to apply for an export permit from the Department of Geology,which would be used to assess the consignment before shipping. (ICE ADDIS ABEBA)


Fonte notizia: Wall Africa