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New On The Lowtax Network Today
This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below. |
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| TODAY 12/03: Lowtax
Costa Rica, annual update |
| 11/03 Estonia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 10/03 Lowtax
Labuan, annual update |
| 09/03 Word
Search Puzzle, on Lowtax |
| 08/03 Jobs
For All,
Jeremy Hetherington-Gore blog |
| 05/03 Belgium
Summary PBTG Guide,
added to Personal Business Tax Guide |
| 04/03 New
Lowtax Editor Column,
by Kitty Miv |
03/03  Personal
Business Tax Guide, PBTG, has launched!
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| Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers. |
| 02/03 Personal
Equity Investment In 2010: Not Just For Expats…, Investors Offshore special feature
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| 24/02 Lowtax
Cyprus, annual update
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| 22/02 Lowtax
Brunei, annual update
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| 17/02 Dubai
- A Stately Business Dome Decreed, Investors Offshore special feature
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| 15/02 Lowtax
Australia,
major content expansion
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| 27/01 Lowtax
Germany, major content expansion
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| NEW! Personal
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| Ghana's 2010 Budget Doubles Mineral Royalties |
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, November 20, 2009
A review of the country’s
mining sector fiscal regime was among the measures introduced by the country's Minister of Finance and Economic
Planning, Kwabena Duffuor, in his 2010 budget, including a proposed doubling of minimum mineral
royalties to 6%.
The budget for the year to end-December 2010 was depicted as a “comprehensive
set of policies to support government’s medium-term growth strategy in
a manner that will be sustainable,” and promised to maintain the fiscal
discipline that, it was said, had been achieved in 2009.
As a result, Duffuor said, of a rigorous management of expenditure
in the face of shortfalls in revenue and grants, the overall 2009 budget deficit
is estimated at GHS2.2bn (USD1.53bn), equivalent to 10.2% of GDP and in comparison with
the 15% seen in 2008. Total revenue and grants in 2009 are projected at GHS7.2bn,
indicating a fall of 3.5% below the original budget estimate. The expected drop
in domestic revenue is due mainly to the underperformance of VAT and petroleum
taxes.
In 2010, budgeted tax revenue is forecast to increase by 20.2% over the outturn
in 2009 to GHS6.1bn, or 23.4% of the projected GDP, and several measures were
announced towards achieving that target.
“Current permits and parliamentary exemption regimes have tended to erode
the tax base and undermine the effective progressivity, fairness and efficiency
of the tax system,” Duffuor said. “In the process, significant
revenues have been lost to the government. Beginning in fiscal year 2010, the
exemption regime will be reviewed and streamlined to ensure fairness and also
avoid revenue losses.”
Further revenue measures to be introduced in the 2010 fiscal year therefore
include a reduction in import exemptions by at least 20% from their 2009 level
and a shift from specific to ad-valorem excise taxes on selected commodities.
The effectiveness of the VAT regime will be strengthened; tax compliance will
be enhanced, particularly by the self-employed; and rates, fees and user charges
that do not reflect the cost of public goods and services rendered will be increased.
There will be an increase in the minimum mineral royalties to 6%, from the
current 3% minimum. In addition, Duffuor announced that “the government will
engage all mining companies to address the issue of dividend payment, exemptions
and the whole mining sector fiscal regime.”
“Reform of the tax system will continue in the medium term with the view
to plugging loopholes, reducing tax evasion, and fairly taxing rents from natural
resources to make the tax system more efficient and less dependent on indirect
taxes,” he continued. “New taxes and levies will be introduced to
establish the right prices for natural and environmental capital, thus generating
more government revenue while providing the right incentives for reducing environmental
degradation.”
“Increased emphasis would be placed on the evaluation of tax systems,
particularly in documenting tax evasion and efforts to reduce them, and in increasing
the base to ensure fiscal sustainability,” he added.
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