{"id":14937,"date":"2012-09-25T16:55:31","date_gmt":"2012-09-25T14:55:31","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-1-impalas-zimplats-unit-hit-with-34-mln-tax-charge\/"},"modified":"2012-09-25T16:55:31","modified_gmt":"2012-09-25T14:55:31","slug":"update-1-impalas-zimplats-unit-hit-with-34-mln-tax-charge","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-impalas-zimplats-unit-hit-with-34-mln-tax-charge\/","title":{"rendered":"UPDATE 1-Impala&#8217;s Zimplats unit hit with $34 mln tax charge"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Tax authorities nix promised tax credits<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Zimbabwe looking to plug $400 mln budget hole<\/p>\n<p><span><\/span><\/p>\n<p>* Not clear if other miners will be hit<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p>HARARE, Sept 25 (Reuters) &#8211; Zimbabwe has ordered Impala<br \/>\nPlatinum&#8217;s Zimplats unit to pay $33.8 million<br \/>\nin back taxes, arguing a tax holiday claimed by the firm had no<br \/>\nlegal basis, Zimplats said on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>Zimplats, the country&#8217;s largest mining operation, said in a<br \/>\nstatement the Zimbabwe Revenue Authority (ZIMRA) had re-assessed<br \/>\nits tax obligations for the period between 2007 and 2012.<\/p>\n<p><span><\/span><\/p>\n<p>ZIMRA has decided not to allow the company to take tax<br \/>\ncredits for capital expenditure as previously promised,<br \/>\nZimplats.<\/p>\n<p><span><\/span><\/p>\n<p>The platinum miner said it would not contest the tax demand,<br \/>\nbut had lodged an objection to the payment of penalties and<br \/>\ninterest. Discussions with ZIMRA are underway, it said.<\/p>\n<p><span><\/span><\/p>\n<p>It was not immediately clear if other mining firms have been<br \/>\nslapped with revised tax bills by ZIMRA, as Zimbabwe embarks on<br \/>\nan aggressive revenue collection drive to plug a $400 million in<br \/>\nits national budget for 2012.<\/p>\n<p><span><\/span><\/p>\n<p>Zimplats, which makes up about a tenth of Impala&#8217;s annual<br \/>\noutput, has started a $460 million expansion to increase output<br \/>\nfrom about 180,000 ounces a year to 270,000 ounces annually.<\/p>\n<p><span><\/span><\/p>\n<p>The firm has been hit by low metal prices, resulting in a 10<br \/>\npercent decline in revenue to $473 million in the full year to<br \/>\nJune 2012 from $527 million in 2011. Profit after tax was $122<br \/>\nmillion this year, 39 percent down from $200 million previously.<\/p>\n<p> (Reporting by Nelson Banya; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Tax authorities nix promised tax credits * Zimbabwe looking to plug $400 mln budget hole * Not clear if other miners will be hit (Adds details) HARARE, Sept 25 (Reuters) &#8211; Zimbabwe has ordered Impala Platinum&#8217;s Zimplats unit to pay $33.8 million in back taxes, arguing a tax holiday claimed by the firm had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14937","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14937"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14937\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}