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15.09.2021 Business & Finance

Engagement ongoing with Finance Ministry to review 3% withholding tax on gold export – Lands Ministry

Engagement ongoing with Finance Ministry to review 3% withholding tax on gold export – Lands Ministry
LISTEN SEP 15, 2021

The Lands and Natural Resources Ministry says it is currently engaging the Ministry of Finance on the newly introduced 3% withholding tax on gold export.

The Small scale Miners Association earlier had asked the government to review the 3% withholding tax on gold.

According to them, the tax if not checked will lead to a surge in the smuggling of gold outside the country.

The Deputy Lands and Natural Resources Minister in Charge of Mines, George Mireku Duker in a Citi News interview said his ministry is engaging the Finance Ministry on the tax.

He added that they are expecting a favorable outcome which will also help push PMMC to an appreciable level.

“We know the challenges that PNMC is facing, more especially on the withholding tax threshold that has been fixed by the Ministry of Finance.”

“We are in negotiation with the Ministry of Finance to find ways of leveraging the withholding tax to push the business of PMMC to a level that we will all appreciate.”

---citinews

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