{"id":7697,"date":"2012-02-07T01:44:25","date_gmt":"2012-02-06T23:44:25","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-1-s-africa-will-not-spring-new-tax-on-mines-minister\/"},"modified":"2012-02-07T01:44:25","modified_gmt":"2012-02-06T23:44:25","slug":"update-1-s-africa-will-not-spring-new-tax-on-mines-minister","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africa-will-not-spring-new-tax-on-mines-minister\/","title":{"rendered":"UPDATE 1-S.Africa will not spring new tax on mines-minister"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Minister says suprises not good for industry<\/span><\/p>\n

<\/span><\/p>\n

* Says nationalisation “not a smart strategy”<\/p>\n

<\/span><\/p>\n

CAPE TOWN<\/span> Feb 6 (Reuters) – South Africa will not
\nsurprise mining companies with sudden new taxes, although it may
\nadjust existing tax codes, a leading government minister said on
\nMonday.<\/p>\n

<\/span><\/p>\n

“If there is to be change, I’m pretty sure that the finance
\nminister and department of mineral resources will take a
\nlong-term view and not impose this one fine morning,” Trevor
\nManuel, the National Planning minister, told delegates at a
\nmining conference in Cape Town.<\/p>\n

<\/span><\/p>\n

“I don’t think that surprises are good for an industry like
\nthis, and this is likely to be the trend taken by government in
\nintroducing change,” he said.<\/p>\n

<\/span><\/p>\n

South Africa’s ruling African National Congress has
\ncommissioned a study on the nationalisation of mines, which has
\nyet to be completed. Local media reports have said the study
\nwill reject nationalisation and come out in favour of higher
\ntaxes and royalties.<\/p>\n

<\/span><\/p>\n

Manuel said it was critical that sensible taxation exists to
\nextract rent from the industry and invest in South Africa’s
\ndevelopment.<\/p>\n

<\/span><\/p>\n

The Mineral and Petroleum Resources Development Act has a
\nroyalties component that already adds to the country’s tax
\nregime.<\/p>\n

<\/span><\/p>\n

“That it can be improved on is in little doubt. Whether the
\nlevels are correct or not is also open to debate, but the basic
\nelements are there and is sufficient a platform to build on,” he
\nsaid.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Minister says suprises not good for industry * Says nationalisation “not a smart strategy” CAPE TOWN Feb 6 (Reuters) – South Africa will not surprise mining companies with sudden new taxes, although it may adjust existing tax codes, a leading government minister said on Monday. “If there is to be change, I’m pretty sure […]<\/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-7697","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\/7697","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=7697"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7697\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}