Business News of Friday, 24 February 2017
Source: Newmont Ghana
“Your total contribution to total domestic tax Revenue in Ghana was very impressive across all tax types in the face of the economic hardship. In fact your compliance level in 2016 year of assessment was overwhelming. You were always on time in terms of payment of taxes and filing of returns,” says the Ghana Revenue Authority in a recent citation presented to Newmont Ghana Gold Limited.
The Ghana Revenue Authority (GRA) at an award ceremony in Accra to honour staff and stakeholders honoured Newmont Ghana for emerging as the country’s second Best Taxpayer for 2016 under the Large Taxpayer Office, Domestic Tax Revenue Division (DTRD) and lauded the company for its “tremendous” contribution to national development over the years.
In 2016, Newmont Ghana paid about $90M in taxes and royalties to the Government of Ghana through the GRA. The payments were made up of $13M in Withholding Tax, $18M in Pay As You Earn, $24M in Corporate Income Tax, $31M in Mineral Royalty and $4M in Forestry Levy.
“We recognize our role as partners in Ghana’s socio-economic development and it’s always a great pleasure to contribute our quota in that regard. We have collaborated over the years with our communities and other stakeholders to pursue this purpose and it’s great to know that our collective efforts are helping to increase the overall revenue of the country.” said Kwame Addo-Kufuor, Chief Financial Officer – Newmont Africa.
Since 2004, Newmont Ghana has invested more than $2.9 billion in the country, including over $970 million paid to the Government in taxes, royalties and other levies. Apart from these financial contributions, the company also supports the nation’s socio-economic development through employment opportunities and other social investments.
Results of a recent socio-economic study show that for every job created by Newmont in Ghana, there is a multiplier effect of an additional 21 jobs created in supporting industries, such as agriculture and manufacturing. The company employs almost 2,000 full-time workers and about 2,000 business partners.
“There is still opportunity to do more. We look forward to continuing to work with the Government and other partners to promote the country’s sustainable development and create long-term value for all our stakeholders,” says Mr. Addo-Kufuor.