|Newmont pays more than GH¢71 million to government|
Accra, Oct. 17, GNA - Newmont Ghana Gold Limited has paid more than 47 million dollars (GH¢71.44 million) to government for the third quarter of the year. The amount comprises 39 million dollars for Corporate Income Tax, 6 million dollars for the National Fiscal Stabilisation Levy, and 2 million dollars as Mineral Royalties for September. The Corporate Income Tax paid represents an increase of 30 per cent over what the company paid for the previous quarter.
Newmont is the only mining company, which has complied with the request to pay taxes in foreign currency. This came to light when the company presented a cheque to the Large Taxpayer Office (LTO) in Accra last week. The money presented to the LTO, is the single largest Corporate Income Tax payment the country has ever received. The Deputy Commissioner in charge of LTO, Kwame Ofosuhene Apenteng, expressed satisfaction with the contribution of Newmont.
Mr Appenteng expressed the hope that Newmont will continue to live up to its responsibility and hopefully pay more to the state in the future. The Director of Tax at Newmont Ghana Gold, Mr Edwin Allotey Acquaye, explained that the tax paid was significantly higher than that of the previous quarter because of the surge in the price of gold. He added that as a result of the high gold prices, the company revised its profit forecast and therefore forecasted higher taxes for 2011.
It employs about 5,000 Ghanaians and contractors engaged in other development programmes outside its operational enclave.