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Fiscal Regime

Fiscal Regime of Ghana's Mining Industry And

Revenue projections, including scope for a windfall profit tax

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Imposts And BenefitsProvision
Mineral Royalty Rates: Royalty base5% Gross market value of mineral sale (except those with special Agreement)
Application FeesAs prescribed in regulations
Rentals/Fees Annual Ground rent: Annual mineral rights fees:(Prescribed: GHC36.50/Acre (GHC9,000/Sq. km): LI2191 (Under revision). Payable to Minerals Commission, prescribed
Income Tax Rate: Capital allowances: Allowable losses: 35% (except those with special Agreement) 20% for 5 years for mining, 5 years Carry forward
Import DutyConcessionary rates for Plant, Machinery & Equipment exclusively for mining
Value Added TaxMining stage – Refundable . Exploration – Capitalized on making find
Free Carried Interest10%
Ring Fencing: {New Provision}Cost in one concession area will not be allowed to be set off against revenues from another (belonging to the same company) in determining chargeable income for tax purposes.
[Implementation Under Discussion]
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Transfer Pricing Regulations, L.I. 2188, 2012Regulations require taxpayers to demonstrate that all transactions between them and their related entities are carried out at arm's length [Effective Date: July 27, 2012]
Withholding Taxes: Interest – 8% Dividend – 8% Royalties – 10% Management Services – 15% Goods & Services (Residents) – 5% Goods & Services (Foreign) – 15% (except those with special Agreement)

Stability Agreement:

To Assure Mineral Right Holder of stability of fiscal terms for up to 15 Years.

Development Agreement:

For Investment > US$500million, stability of enhanced terms.

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