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Newmont Ghana pays GH¢331m as 2012 tax

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NewmontAdjudged as the “Most Outstanding Corporate Income Tax payer” for 2011 by  Ghana Revenue Authority (GRA), Newmont Ghana Gold Limited, a subsidiary of Newmont Mining Corporation has once again fulfilled its obligation to the Government.

It has paid $180,568,902.06 (GH¢330,531,037.70) as tax for the financial year ending 2012.

The amount represents Corporate Income Tax payment of $132,264,125.00 (GH¢244,235,080.01) and a Mineral Royalty of S$26,158,000.00 (GH¢ 47,038,032.65).

The company also paid a National Fiscal Stabilisation Levy balance of $ 227,087.00 (GH¢385525.60), Withholding Tax of $8,222,746.57 (GH¢14,733,648.33) and Pay As You Earn Tax of $13,696,943.30 (GH¢24,138,751.11).

In total, Newmont Ghana has paid a total tax of$483,375,126.75 (GH¢752,249,247.57) to the GRA since its first gold pour in 2006.

A statement issued by the company in Accra and copied to the Ghana News Agency said Newmont Ghana over the years has made significant contributions in its Ahafo and Akyem communities.

It’s Newmont Ahafo Development Fund established to fund development initiatives in its host communities has built community libraries, teachers quarters, water system facilities, micro-credit schemes and awarded scholarships to more than 3,091 at a cost of GH¢3million.

The fund as at December, 2012 had accrued approximately $13million (GH¢24million).

Newmont’s Akyem Project has also undertaken various significant community intervention programmes such as construction of Nurses quarters, female and maternity wards and a 275 KVA generator for Akyem Government Hospital.

Other projects include expansion of small town water project, construction of two six-unit classroom blocks and 176 latrines for various households in the community.

In partnership with the Ministry of Food and Agriculture and other relevant stakeholders, the company supports more than 5, 000 farmers in its Ahafo Mine host communities, and has contributed to the steady increase in agri-business and food production in the Asutifi District since 2006.

Newmont’s Agricultural Improvement and Land Access Programme also gives farmers increased land access, extension services and modern farm inputs.

Ahafo Linkage Programme (ALP), a local content development programme by Newmont Ghana has also trained more than 100 local suppliers and entrepreneurs who contributes to the local economy.

As a result of hard work and excellent execution of the programme, Mr Alex Boampong, Chief Executive Officer of Alexiboam Company Limited, a local supplier located at Gyedu-Ntrotroso in Ahafo and a beneficiary of Newmont’s ALP programme was adjudged the 2012 Young Enterprise (Innovation and Entrepreneurship) of the year by The Association of Ghana Industries).

“Newmont is committed and will continue to support communities in which it operates in Ghana through its various Corporate Social Responsibility intervention programmes to impact lives especially the underprivileged in the society.

Newmont applauds all employees, contractors and stakeholders for their contribution towards this achievement, “the statement said.

Source: GNA

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