Tanzania raises royalty fee on gold exports

MaxShimba

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[h=3]Tanzania raises royalty fee on gold exports[/h]

SUNDAY, 28 AUGUST 2011 19:07 DOREEN DAVID

DAR ES SALAAM, TANZANIA- The third largest gold producer in Africa, Tanzania, has attracted significant investment in the mining sector over the past decade and it is planning to conclude negotiations with mining companies next month to allow the government to raise royalty payments on gold exports from three percent on net income to four percent of gross export value.
According to the Minister for Energy and Minerals, Mr William Ngeleja, the need for negotiations to raise is due to the fact that for the last five years, Tanzania's annual gold exports have tripled to US$1.5 billion due to the increase in the price of gold, but Government revenues have remained at around $100 million a year.

"We drafted a new (mining) policy in 2009 and enacted a new mining Act last year, among other things, to address the shortfalls identified in the past. We have now decided that the Government shall own a stake in all future mines," Minister Ngeleja added.



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RAJ PATEL JR

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Tanzania raises royalty fee on gold exports



SUNDAY, 28 AUGUST 2011 19:07 DOREEN DAVID

DAR ES SALAAM, TANZANIA- The third largest gold producer in Africa, Tanzania, has attracted significant investment in the mining sector over the past decade and it is planning to conclude negotiations with mining companies next month to allow the government to raise royalty payments on gold exports from three percent on net income to four percent of gross export value.
According to the Minister for Energy and Minerals, Mr William Ngeleja, the need for negotiations to raise is due to the fact that for the last five years, Tanzania's annual gold exports have tripled to US$1.5 billion due to the increase in the price of gold, but Government revenues have remained at around $100 million a year.

"We drafted a new (mining) policy in 2009 and enacted a new mining Act last year, among other things, to address the shortfalls identified in the past. We have now decided that the Government shall own a stake in all future mines," Minister Ngeleja added.



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From 3% to 4%. Therefore out of every dollar we get only 3cents!
I'm afraid if oil is discovered in Mtwara Tanzania will get only 0.05% while Nigeria and the oil rich kingdoms like Saudia and Kuwait demand 40-45%
This is so sad!
 

Jasusi

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From 3% to 4%. Therefore out of every dollar we get only 3cents!
I'm afraid if oil is discovered in Mtwara Tanzania will get only 0.05% while Nigeria and the oil rich kingdoms like Saudia and Kuwait demand 40-45%
This is so sad!
Very sad indeed. As long as CCM is in power Tanzania will continue to be exploited.
 

MaxShimba

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MaxShimba

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3 to 4 royalties,?? !! not much. The question is what are these companies paying in taxes to the Tanzania goverment on the Pretax profits?

Is Tanzania working towards owing a % of the mine so that they can monitor the real value of what is extracted? Is the Tanzanian government asisting locals to set up companioes so that they too can do large scle mining.
 

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Njowepo

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Sasa increment ya 1%jamani nkadhani labda kumi.
Watu wanavuna$ 1.5 billion nasi twaambulia $100 million ivi mgodi uko kwao uko kwetu?
 

Mdondoaji

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Mdondoaji

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Sad and dissappointing I had once suggested that what is wrong with the government to remain with 3% in royalty but introduced a superprofit tax to these mining firms? In addition to that they should demand these companies to be listed at DSE so that they can get tax from dividends, salaries, capital gain etc. Kwanini sijawa rais au waziri wa hii wizara this is bullshit!!!!
 

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ndetichia

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From 3% to 4%. Therefore out of every dollar we get only 3cents!<br />
I'm afraid if oil is discovered in Mtwara Tanzania will get only 0.05% while Nigeria and the oil rich kingdoms like Saudia and Kuwait demand 40-45%<br />
This is so sad!
<br />
<br />
more than sad aisee jombaa..
 

Mdondoaji

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Mdondoaji

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From 3% to 4%. Therefore out of every dollar we get only 3cents!
I'm afraid if oil is discovered in Mtwara Tanzania will get only 0.05% while Nigeria and the oil rich kingdoms like Saudia and Kuwait demand 40-45%
This is so sad!
We can recover some of % in royalties through tax, consumer spending and investments in other sector. Unfortunately we are getting paid only 3% and yet these companies are listed in Canada and LSE, their staff are getting paid in US dollar or Euros. Notwithstanding they are also offered a tax exemption We are doomed kwa kweli.
 

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We can recover some of % in royalties through tax, consumer spending and investments in other sector. Unfortunately we are getting paid only 3% and yet these companies are listed in Canada and LSE, their staff are getting paid in US dollar or Euros. Notwithstanding they are also offered a tax exemption We are doomed kwa kweli.
AND why is that? Not only CCM, but also individuals within CCM who are only focused on building their own generational wealth with their own select few friends. Getting rid of CCM is part of the solution, the real solution is first getting rid of corruption. (This country is entrenched in corruption.) God has given the Tanzanian ppl so much that no Tanzanian should starve. However, ALL people are not the same, the ppl in power whose hearts are filled with the wicked stench of greed will exploit their own people and sell their motherland. This is Dangerous.
These ppl are not acting in the national interest of this country, they are acting in their best interests.
When will the people of Tanzania Wake UP?!
SAY NO 2 Corruption!
Demand transparency in contracts signed by the TZgvt. with corporations pertaining to the natural resources of the land.
Keep in mind the time for action is now, not tomorrow for tomorrow it might be too late. Wake Up, say NO 2 corruption!
Also, if the wait is for another party to come into power, what is their guarantee that they will do things differently? Its very frustrating to read articles like this and see for yourself the "selling" of your country going on. When I was in DAR recently, I was amazed at how many burea de change there were and the number of banks in a poor country. What does that say about this country where students do not even adequate facilities, where mothers give birth on the floor at the hospital, where articles that reveal corruption in the media are suppressed?
Wake UP, Tanzania!
 

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Job K

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Ndugu zangu sisi wa-TZ ni mataahira!

Misomi yetu ndo bure kabisa eti tuna mwanasheria Mkuu! Upumb...f mtupu! Yaani tunaambulia 3% tuuuuuuuuuuuuuu!!!! Mbona hawa mazoba walipokuwa wanaambiwa walikuwa wanabisha? Tena hiki hiki kipumb....v hiki ndo kilikuwa kinatudanaganya eti wapinzani wanaongeza chumvi mbona leo tena kinakubali kuwa tunapata 3% tu? CCM ni mabwege na mwen....ti wao!

Eti bado kuna wasomi bado wanakiunga mkono chama hiki jamani!!!

Na huyu anayejiita bingwa wa madini ndo amehusika kwenye upotoshaji huu mkubwa! Nawaomba wananchi wa Igunga wampige ban huyu mpuuzi huyu!
 

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