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SA Will Not Impose Australian-Style Mining Tax

by Robert Lee, Tax-News.com, London

14 May 2012


At a press briefing, Mineral Resources Minister Susan Shabangu has confirmed that South Africa will not follow Australia in implementing a ‘mining super tax’.

She indicated that she believed South Africa's current tax dispensation was competitive when benchmarked against other countries, but added that there was always room for improvement.

However, commenting on Australia's decision to implement a minerals resource rent tax, she pointed out that South Africa should forge its own solution to taxing the mining sector, adding that the country needed a tax regime that would help the sector to become competitive and, thereby, to grow.

She added that her department has been engaging with the National Treasury to ensure that any new additions or changes to mining taxes were not excessive, in order not to adversely affect a sector that contributed 9.6% to South Africa's gross domestic product and employed some 500,000 workers.

Earlier this year, Trevor Manuel, the National Planning Minister had said that, should any additional mining taxes be considered necessary, nothing would happen in the short-term and the industry would be consulted, with changes implemented slowly so as not to discourage investment.

TAGS: South Africa | tax | business | mining | Africa

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