Business News of Thursday, 17 January 2013

Source: Joy Online

Gov't to implement windfall tax for mining firms in 2013 budget

Government is now looking at implementing the windfall tax on the profits of mining firms in the 2013 budget.

The tax was expected to take effect by this month after plans to introduce it was put on hold last year - to receive some inputs and concerns from the mining firms.

Joy Business has however learnt that government now wants to add it to other taxes it plans to introduce in this year’s budget.

The windfall tax appears to be government’s attempt to cream off, some of the profits mining firms are enjoying from the high gold prices.

But the firms say the delay is creating some uncertainty and badly affecting their planning activities.