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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 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. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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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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