Gold Fields gives US$26m in tax payment to Government

Accra, July 9, GNA - Goldfields Ghana Limited, operators of Damang and Tarkwa goldmines both in the Western Region on Wednesday presented a cheque for 26,544,000 dollars to the government as its large tax payment.

This brings to a total corporate tax payment of approximately US$80 million on the company's two mines to the government since 2005. Speaking at the presentation, Mr. Johan Botha, Managing Director of the Gold Fields Ghana Limited said combined with the payment of royalties which was also $80 million and other Pay-as-You Earn settlements to the government, Gold Fields had paid over US$200 million in direct taxes since 2001.

He noted that on the average, the company contributed 12 percent of the nation's total foreign exchange earning and over 35 percent of total foreign exchange from gold exports.

As part of its social responsibility, Mr. Botha said the company had established a Trust Fund from which money were generated for the development of the towns in which the two mines operated. "Funding is based directly on production and profitability through a yearly contribution of U$1.00 of every ounce produced plus 0.5 percent of pre tax profit.

"This contributes over one million US dollars a year for social investment", he added.

The Managing Director said Gold Fields remained a committed corporate entity and would continue to play a key role in the socio economic development of the country.

Receiving the cheque, Ms. Comfort Boohene-Osafo, Director, Large Tax Payer Unit of the Revenue Agencies Governing Board expressed her gratitude to Gold Fields and called on other corporate organizations to also do the same for the development of the country.