https://www.miningweekly.com
Africa|Mining|Service
Africa|Mining|Service
africa|mining|service

National Treasury postpones proposed mining tax amendments

15th October 2020

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

The National Treasury has agreed to postpone the proposed amendments to the 2020 Draft Taxation Laws Amendment Bill (TLAB) and the 2020 Draft Tax Administration Laws Amendment Bill (TALAB), to allow for more investigation and detailed consultation with the mining industry and related stakeholders before any changes to the legislation are made, law firm ENSafrica reports.

The firm notes that this comes after extensive consultation with the Treasury, in which the firm actively participated together with its clients and the Minerals Council South Africa.

In August, ENSafrica posited that the proposed amendment would have adverse and unintended consequences for mining companies, such as excluding not just contract miners but also mining companies that do not hold mining rights (for example, unincorporated joint ventures) from being able to claim the accelerated capital expenditure allowance.

“This [postponement] is a positive outcome for the mining industry and helps create policy and legal certainty for an industry that is in desperate need to attract foreign and local investment and, in turn, boost the South African economy during and post the Covid-19 period. 

“However, the battle is not over yet and it is imperative for all taxpayers involved in the mining industry to actively participate in these forthcoming consultations with the National Treasury and the South African Revenue Service to ensure a favourable outcome for all stakeholders, industry and government,” the firm says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Stewarts & Lloyds
Stewarts & Lloyds

Stewarts & Lloyds today supplies steel and tube, pipe and fittings, valves, pumps, irrigation, fencing, profiling and roofing products. The cash...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.126 0.159s - 91pq - 2rq
Subscribe Now