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THE SMART NEWS SOURCE | Feb 10 2012 22:13 | LAST UPDATED Feb 10 2012 22:13 |
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 The second draft of the proposed Mineral and Petroleum Royalty Bill is expected to be available for public comment during the first half of 2005, with submission to Parliament before the close of the year, according to Finance Minister Trevor Manuel.
Manuel was commenting on the status of the Bill as part of the South African government's 2005-06 Budget, which he presented to Parliament on Wednesday. The Minister said the re-drafting of the Bill was in progress, and while the government remained committed to an ad valorem royalty on gross sales, the document was undergoing "substantial refinements" in view of the comments received, industry financial data analysis and new cross-country royalty comparisons. The South African mining industry has lobbied hard for the royalties to be based on net, rather than gross, sales. The Bill was also being re-drafted to accommodate key concerns relating to mineral beneficiation and small-scale mining, Manuel said. Meanwhile, he added, the government's holistic review of the mining income tax dispensation as announced in the 2004 Budget was ongoing. Among the options under consideration was the appropriateness of the current tax allowance schemes, and the resultant tax deferral benefit enjoyed by mining companies. "Government is mindful of both the high capital requirements and the risks attaching to mining investment, and accordingly recognises the need for careful consideration of possible tax changes," he concluded. - I-Net Bridge  CONTINUES BELOW TOPICS IN THIS ARTICLE
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