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sharing in governance of extractive industries

Ghana Chamber of Mines wants VAT removed.

The Ghana Chamber of Mines is advocating for the removal of the Value Added Tax (VAT)  on exploration by its members in the extractive industry. This, the chamber believes will bring in more companies to invest to generate more employment, revenue and grow the local economy.

By so doing, the business of mining will be beneficial to both state and company, says the director of Public Affairs and Environment, Mr. Ahmed Nantogmah.

He noted that the VAT on the exploratory service undertaking by mining companies is scaring away potential investors as many are moving to other countries such as Guinea which recently reduced its corporate taxes that has made it a preferred destination for investment in recent times. Adding that it does not incentivize them to come to Ghana. Read More http://www.spyghana.com/remove-vat-exploration-chamber-mines/

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Comment by Antipas Massawe on May 18, 2014 at 19:24

It is the investors who are expected to be competing and even offering aid bribes to secure favours of entry into the African countries with most competitive mineral prospects and not the African countries competing for them through the suicidal tax exemptions. It should be a fair playing ground in which the investors would normally start with the countries carrying the most competitive mineral prospects downwards to the countries with the least competitive mineral prospects to develop. Mineral rich African countries have been trapped in the divided and ruled set-up they can’t adapt in well for own sake by agreeing that it is common mineral tax rates should be charged to all investors operating on the African continent. Since mineral deposits are non-renewable, African countries should agree to let the investors choose where to go first based on the natural competitiveness of mineral prospects development and not on the competitiveness of tax exemptions in different African countries. African countries should learn to wait for their right time (turn) in the development of their mineral prospects because these are for all generations and their development would continue throughout generations and not in this generation alone. Well, instead of the counterproductive competitions for foreign investors, African countries could agree on some way of enabling each other to benefit from the development of mineral prospects anywhere on the African Continent. Beauty is not the only factor which determines attractiveness for a partners, many other factors are more important.

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