Business / Companies
Zimbabwe platinum miners cry foul
05 Aug 2015 at 05:52hrs | Views
Government will soon pronounce measures to address miners' concerns regarding the impact of the 15 percent tax on raw platinum exports after Cabinet received submissions on the industry's outcry regarding the tax's effect on viability.
Industry sources said this, however, comes amid concerns in industry that Finance Minister Patrick Chinamasa's policy was silent on the contentious issue.
Platinum mining firms are levied 15 percent on gross proceeds from their exports as part of Government's strategy to nudge them to refine platinum.
The source said Minister of Mines and Mining Development, Walter Chidhakwa, has assured platinum miners that pronouncement on the issue is due soon.
The minister has submitted a request for deferment of the tax.
Miners say the impact of the 15 percent levied on gross proceeds of raw platinum is compounded by the decline in the price of the precious metal on global markets due to a fall in demand by leading consumer China.
Source - the herald
