- Write by:
-
Thursday, October 15, 2020 - 3:08:13 PM
-
569 Visit
-
Print
Mining News Pro - The National Treasury has agreed to postpone the proposed amendments to the 2020 Draft Taxation Laws Amendment Bill (TLAB) and the 2020 Draft Tax Administration Laws Amendment Bill (TALAB), to allow for more investigation and detailed consultation with the mining industry and related stakeholders before any changes to the legislation are made, law firm ENSafrica reports.
The firm notes that this comes after extensive consultation with the Treasury, in which the firm actively participated together with its clients and the Minerals Council South Africa.
In August, ENSafrica posited that the proposed amendment would have adverse and unintended consequences for mining companies, such as excluding not just contract miners but also mining companies that do not hold mining rights (for example, unincorporated joint ventures) from being able to claim the accelerated capital expenditure allowance.
“This [postponement] is a positive outcome for the mining industry and helps create policy and legal certainty for an industry that is in desperate need to attract foreign and local investment and, in turn, boost the South African economy during and post the Covid-19 period.
“However, the battle is not over yet and it is imperative for all taxpayers involved in the mining industry to actively participate in these forthcoming consultations with the National Treasury and the South African Revenue Service to ensure a favourable outcome for all stakeholders, industry and government,” the firm says.
Short Link:
https://www.miningnews.ir/En/News/606189
Mining News Pro - Impala Platinum Holdings Ltd. said an underground protest at one of its mines in South Africa is ...
Mining News Pro - The Minerals Council of Australia (MCA) and the Queensland Resources Council (QRC) have responded to ...
Mining News Pro - Chadormalu Mining and Industrial Company ended the year 1401 while achieving annual production records ...
South Africa’s High Court was told that Anglo American Plc turned a “blind eye” to lead poisoning in the Zambian town of ...
Mining News Pro - Sumitomo has acquired 10 per cent of Perenti Global’s technology informed services business, idoba, ...
Mining News Pro - The trial of JPMorgan Chase & Co.’s former head of precious metals has offered unprecedented insights ...
Mining News Pro -South African miner Gold Fields trusts that Yamana Gold’s shareholders will back its planned $6.7 ...
Mining News Pro - The largest white diamond ever auctioned will go under the hammer in Geneva this week, part of a sale ...
Mining News Pro - Palladium’s wild ride following Russia’s invasion of Ukraine is likely not over yet. But this year’s ...
No comments have been posted yet ...