Business News of Monday, 27 January 2020Source: www.ghanaweb.comVAT paid before mineral exploration must be scrapped – Chamber of MinesArtisinal minersThe Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney, has called on government to make VAT and other taxes payable only when commercially viable finds have been made. The CEO explained to the Africa Report that exploration is high risk hence the need for Ghana to put in place better incentives for exploration. “We are not happy with the level of investment we see in exploration,” Koney said. Therefore he is questioning the VAT’s liability of inputs used in exploration, which he sees as “not appropriate.”The Ghana Chamber of Mines cries the country is losing potential mining investors to other destinations, particularly Burkina Faso, where exploration does not attract VAT. Koney finds it worrying that the Ghanaian industry is no longer dominated by mining majors.

Source: GhanaWeb January 27, 2020 11:48 UTC