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Business News Wed, 13 Jul 2011

Newmont pays GH¢45million corporate tax

Newmont Ghana Gold Limited (NGGL) has paid its first corporate tax of GH¢45 million to the government.

A statement from the company said for the year-to-date ending 30th June, 2011, Newmont had paid GH¢88 million to the Government of Ghana in taxes including corporate income tax, payroll tax, withholding taxes, royalties and the National Fiscal Stabilization Levy.

It noted that in addition to direct financial benefits to the Government, Newmont also spent some $1.2 billion on salaries to almost 5,000 Ghanaian employees, direct contractors, procurement of goods and services in Ghana, and on community development programmes.

Director of Tax at Newmont Ghana, Mr. Edwin Allotey Acquaye, presented the cheque at a brief ceremony at the office of the Ghana Revenue Authority (GRA).

“The payments were made in accordance with Ghana’s tax laws and the provisions of NGGL’s Investment Agreement,” he said.

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He said the company was proud of its excellent compliance record with the Ghana Tax authorities and will continue with the good working relationship with them.

Mr. Acquaye said Newmont Ghana will continue to act with honest and transparent communications as the value state by following all rules and regulations governing tax payment in the country.

Madam Comfort Boohene Osafa, Acting Commissioner, Domestic Tax Revenue Division of GRA who received the cheque said they are happy with the contributions from Newmont Ghana because it formed 12 % of their target for the quarter and had helped them achieve their target for the quarter (January – June 2011).

She also said “Newmont Ghana has made tremendous contributions to the government and I will encourage you to do more in the paying your corporate tax.

Newmont received the Gold Award (PAYE) in 2007 for its compliance and contribution to revenue mobilization.

Source: myjoyonline
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