Zimbabwe suspends platinum export tax

Government has suspended export tax on unbeneficiated platinum until January 1, 2017, Finance and Economic Development Minister Patrick Chinamasa said in the 2015 National Budget statement.

In view of the potential to beneficiate platinum, Government introduced an export tax at a rate of 15 percent, with effect from January 1 2015.

The move was designed to force companies to build refineries as Government intensified efforts to realise real value of mineral exports.

The facility will be expanded to accommodate other platinum producers.

"I, therefore, propose to defer export tax on un-beneficiated platinum to January 1 2017."

He said the country is currently one of the major producers of diamonds in the world yet most of the diamonds are exported in raw form, thus depriving the country of employment opportunities as well as potential revenue to the fiscus.

Chinamasa, however, proposed to remove royalties on rough diamonds sold to firms licensed to cut and polish diamonds, with effect from January 1 2015 in a bid to support beneficiation.