Newmont Ghana pays GH¢35m taxes, royalty to government first quarter 2012

Mining company, Newmont Gold Ghana Limited has paid GH¢35,187,942.14 in taxes to the government in the first quarter of 2012.

The amount paid to the Large Taxpayer Office of the Ghana Revenue Authority (GRA) Newmont says represents Corporate Income Tax of $14,904,713.00 (GH¢25,027,994.06) for first quarter 2012 and Mineral Royalty of $6,090,257.68 (GH¢10,159,948.08) covering the same period.

According to Newmont, in the 2011 Year of Assessment, it paid a total of $159 million (GH¢241 million) to the GRA. That it said was made up of Corporate Income Tax, Mineral Royalty, National Fiscal Stabilization Levy and Withholding Taxes.

The miner also indicates that it has made what it calls significant direct and indirect sustainable development to its 10 host Ahafo communities. “This includes an amount of $8 million paid to the Newmont Ahafo Development Fund (NADeF) for sustainable development projects including community libraries, schools teacher’s quarters and micro-credit schemes and awarded scholarships worth GH₵ 2,026,279.01 to 2,335 in these communities,” it said.

The company says it has in partnership with the Ministry of Food and Agriculture and others, supported about 5,000 farmers in its Ahafo Mine host communities, and “contributed to the steady increase in Agri-business and food production in the Asutifi District since 2006.”

By Emmanuel K. Dogbevi