{"id":7763,"date":"2012-02-08T13:49:47","date_gmt":"2012-02-08T11:49:47","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/anc-mine-study-seeks-new-taxes-buries-nationalisation\/"},"modified":"2012-02-08T13:49:47","modified_gmt":"2012-02-08T11:49:47","slug":"anc-mine-study-seeks-new-taxes-buries-nationalisation","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/anc-mine-study-seeks-new-taxes-buries-nationalisation\/","title":{"rendered":"ANC mine study seeks new taxes, buries nationalisation"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Profit tax of 50 percent proposed<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Nationalisation would be &#8220;unmitigated disaster&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>* Tax havens targeted<\/p>\n<p><span><\/span><\/p>\n<p>By Sherilee Lakmidas and Ed Stoddard<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG\/CAPE TOWN, Feb 8 (Reuters) &#8211; A study<br \/>\nsubmitted to South Africa&#8217;s ruling ANC to reform its vital<br \/>\nmining sector proposes a 50 percent tax on profits and rejects<br \/>\nnationalisation as an &#8220;unmitigated disaster&#8221; for Africa&#8217;s<br \/>\nlargest economy.<\/p>\n<p><span><\/span><\/p>\n<p>Although it delivers a hammer blow to calls for<br \/>\nnationalisation by radical elements in the African National<br \/>\nCongress (ANC), mining houses will be wary of the tax proposals<br \/>\nas they grapple with steeply rising labour, power and safety<br \/>\ncosts in the world&#8217;s largest platinum producer.<\/p>\n<p><span><\/span><\/p>\n<p>South Africa has a poor track record of translating its vast<br \/>\nmineral wealth into broader prosperity and the government is<br \/>\nunder pressure to create badly-needed jobs in the industry<br \/>\nwithout scaring off the investment it needs.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Under the current fiscal regime our nation is clearly not<br \/>\ngetting a fair share of the resource rents generated from its<br \/>\nmineral assets,&#8221; an official summary of the 600-page study<br \/>\nobtained by Reuters said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;A Resource Rent Tax (RRT) of 50 percent must be imposed on<br \/>\nall mining. It will trigger after a normal return on investments<br \/>\nhas been achieved, thus not impacting on marginal or low grade<br \/>\ndeposits.&#8221;<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Profit tax of 50 percent proposed * Nationalisation would be &#8220;unmitigated disaster&#8221; * Tax havens targeted By Sherilee Lakmidas and Ed Stoddard JOHANNESBURG\/CAPE TOWN, Feb 8 (Reuters) &#8211; A study submitted to South Africa&#8217;s ruling ANC to reform its vital mining sector proposes a 50 percent tax on profits and rejects nationalisation as an [&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-7763","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\/7763","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=7763"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7763\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}