https://en.sputniknews.africa/20250107/zimbabwe-implements-increased-minerals-tax-to-boost-revenue-from-abundant-resources-1070071510.html
Zimbabwe Implements Increased Minerals Tax to Boost Revenue From Abundant Resources
Zimbabwe Implements Increased Minerals Tax to Boost Revenue From Abundant Resources
Sputnik Africa
The changes to mining sector taxation are designed to maximize revenue from Zimbabwe's substantial mineral wealth. Zimbabwe possesses significant reserves of... 07.01.2025, Sputnik Africa
2025-01-07T11:25+0100
2025-01-07T11:25+0100
2025-01-09T14:53+0100
sub-saharan africa
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Zimbabwe has introduced a new two percent levy on the gross value of locally and internationally sold lithium, black granite, quarry stones, and cut and uncut diamonds, effective January 1, 2025.This levy, detailed in the Finance Act signed into law by President Emmerson Mnangagwa, replaces the previous one percent tax and must be paid in the currency of the transaction.The Act also clarifies that the President holds ultimate authority over all underground natural resources subject to royalties, a right that can only be modified by future Acts of Parliament.Furthermore, the new legislation prohibits the registration of mining title transfers to entities that are not registered for tax purposes.The Zimbabwe Revenue Authority must issue a certificate confirming the recipient's tax registration before any transfer can be finalized; otherwise, the transfer is deemed void and will be cancelled.
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economy, emmerson mnangagwa, zimbabwe, southern africa, minerals, gold miners, diamonds
economy, emmerson mnangagwa, zimbabwe, southern africa, minerals, gold miners, diamonds
Zimbabwe Implements Increased Minerals Tax to Boost Revenue From Abundant Resources
11:25 07.01.2025 (Updated: 14:53 09.01.2025) Muhammad Nooh Osman
Writer/Editor
The changes to mining sector taxation are designed to maximize revenue from Zimbabwe's substantial mineral wealth. Zimbabwe possesses significant reserves of various minerals, including platinum group metals, gold, chrome, and diamonds. It is also a major producer of lithium, a critical component in the manufacturing of electric vehicle batteries.
Zimbabwe has introduced a new two percent levy on the gross value of
locally and internationally sold lithium, black granite, quarry stones, and cut and uncut diamonds, effective January 1, 2025.
This levy, detailed in the Finance Act signed into law by President Emmerson
Mnangagwa, replaces the previous one percent tax and must be paid in the currency of the transaction.
"The levy on gross value of lithium, black granite, quarry stones and uncut and cut dimensional stone chargeable in terms of section 36P of the Taxes Act shall be two percent of the gross value of the sale within Zimbabwe or on export of lithium, black granite, quarry stones and uncut and cut dimensional stone, which levy must be payable in the currency of trade," reads the text of the Finance Act.
The Act also clarifies that the President holds ultimate authority over all underground
natural resources subject to royalties, a right that can only be modified by future Acts of Parliament.
Furthermore, the new legislation prohibits the registration of mining title transfers to entities that are not registered for tax purposes.
The Zimbabwe Revenue Authority must issue a certificate confirming the recipient's tax registration before any transfer can be finalized; otherwise, the transfer is deemed void and will be cancelled.
