royalty from iron mine tax implication nigeria

Scully Royalty Ltd. Provides Corporate Update And ...

Apr 30, 2021· The royalty rate under this interest is 7.0% on iron ore shipped from the mine and 4.2% on iron ore shipped from tailings and other disposed materials, with …

ANALYSIS: Shady practices by registered mining companies ...

Jan 22, 2020· In the 2016 audit report, it was revealed that the total royalty payment declared by UNICEM, a mining company, was N71.6 million (N71,635,522.11) in 2016 as per Ministry of Mines …

Export.gov - Doing Business in Nigeria

Aug 26, 2016· Nigeria is the key driver of international trade in all of West Africa, which consists of sixteen countries. Market analysts from the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) claim that Nigeria accounts for over 40 percent of imports in the sub-region and ranks among Africa's largest consumer ...

Mining in the Philippines - Lexology

Jul 18, 2018· In January 2018, the Tax Reform for Acceleration and Inclusion Law took effect and, among other things, doubled the excise tax on mining, with an increase from 2 per cent to 4 per cent excise tax ...

Zambian mineral royalties increase | IHS Markit

Jan 11, 2019· Zambia has revised its Mineral Royalty Tax regime several times since 2014 in response to the global commodity price slump; mining accounts for 70% of Zambia's exports and 12% of GDP. The latest increase reflects the country's mounting external debt and curtailment of aid.

Magufuli Seeks the Right Balance for Tanzania's Mining ...

The tax mix, with high royalties and limited value added tax refunds, mean that this difference is even greater for less profitable mines. Average effective tax rate from a gold project with development costs of USD 420 million, per unit operating costs of $600 per ounce and a gold price of $1,300 per ounce*

LEGAL FRAMEWORK FOR MINING IN NIGERIA- A GUIDE TO …

Sep 04, 2020· Other natural resources in the country include iron ore, limestone, niobium, lead and zinc. However, every entity, either domestic or foreign, that chooses to invest in the Nigeria mining sector must do so by obtaining a requisite mining lease in Nigeria, or mining license in Nigeria …

Gold moves above $1,800 after Jackson Hole - MINING.COM

Sep 01, 2021· Gold moves above $1,800 after Jackson Hole. Jackson Hole. Credit: Wikipedia. The Jackson Hole is over — we left it in the rearview mirror. Gold moved higher in …

Mining Law 2022 | Laws and Regulations | South Africa | ICLG

Sep 13, 2021· ICLG - Mining Laws and Regulations - South Africa covers common issues in mining laws and regulations – including the acquisition of rights, ownership requirements and restrictions, processing, transfer and encumbrance, environmental aspects, native title and land rights – in 15 jurisdictions. Published: 13/09/2021.

Nigeria - Corporate - Deductions - Worldwide Tax Summaries ...

Jul 22, 2021· Taxes. Any tax on income or profit is not deductible except where such tax was paid on profit earned outside Nigeria. In this case, if the source country has no DTT with Nigeria, the foreign tax paid is allowed as a deduction for CIT purposes. State and local taxes (business rates) and levies may be deducted from taxable income.

Oil & Gas Mineral and Royalty Income Taxes — MineralWise

Royalty Income Tax Rates. Oil & gas mineral royalties are treated as ordinary income and are taxed at your marginal (highest) tax rate. The income is in addition to your hard earned pay checks, so prepare to pay a larger percentage than you pay out of your monthly salary. For 2012, a single person will pay taxes at rates of: 10% for income $0-8,700

Mining notes | The latest from Herbert Smith Freehills ...

Jun 02, 2021· 03 May, 2021. In his recent keynote address to the platinum group metals industry, Minister of Mineral Resources and Energy, Gwede Mantashe (the Minister ) indicated that South Africa aims to increase the country's share of global exploration expenditure to at least three per cent in the next five years. Read more.

The Top Six Things You Should Know About Royalty Companies Now

Jul 03, 2017· Royalty companies, sometimes called streaming companies, serve a special role in the mining industry. Developing a mine property to start producing gold or other precious metal is …

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Stalemate on JSPL's Odisha iron ore continues; SC defers ...

Dec 03, 2019· The Odisha government and JSPL have been in dispute over royalty payment for the iron ore for more than 5 years now. The 12 million tonne iron ore fines lying in the mine premises are worth close to Rs 2,000 crore and are of a 65Fe (ferrous) grade. The mines are currently not operational. A favourable verdict would help the company get assured ...

E-BOOK ON MINING SECTOR - Ministry of Mines Home

2.0 Structure of Minerals and Mining Sector 02-03 3.0 Role of Mining Sector in Indian Economy 03-06 4.0 Legislative Framework for Mining Sector 06-12 5.0 Initiatives/New Development for Mining Sector 12-17 6.0 Mineral Administration 17-18 7.0 Mineral Regulation 18-19 8.0 Taxation and Royalties 19-21

TaxNewsFlash-Africa - KPMG South Africa

Aug 09, 2021· 18 Dec - Nigeria: Tax enforcement program, focused on tax collection. 17 Dec - Nigeria: 2020 appropriation bill signed; return to calendar year budget cycle. 16 Dec - Nigeria: New royalty measures part of deep offshore, inland basis regimes. 9 Dec - Nigeria: Basis for computing interest on tax liabilities (tribunal decision)

OVERVIEW OF WITHHOLDING TAX IN NIGERIA

Sep 04, 2020· Withholding Tax in Nigeria is a form of advance payment of income tax. It is a payment on account of the ultimate income tax liability of the taxpayer or company. Withholding tax (WHT) is not a separate tax on its own and does not confer an exemption from the filing of annual tax returns by any company which had suffered WHT deductions.

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Mining: Sector Results Profile - World Bank

Apr 14, 2013· Over the last several years, the mining sector has been a key driver of the country's GDP growth of 7.8 percent per year from 2000-08. In 2010, Mongolia's total mineral exports increased to US$2.3 billion, from US$267 million in 2000. While the mining sector accounted for 8.5 percent of GDP in 2000, it increased to 25 percent of GDP in 2010.

PIB" or the "Bill") completely overhauls the fiscal and ...

to royalty by price.5 For deep offshore fields (greater than 200m water depth) producing not more than 15,000 bpd during a month, the royalty rate is 7.5%. Production above 15,000 bpd shall be at the stipulated 10% rate. Frontier Basin For frontier basins, the royalty rate is 7.5% in addition to royalty by price.6 Onshore/Shallow Offshore

Alternative Financing Arrangements In The Mining Sector ...

Mar 23, 2021· A royalty finance transaction typically involves a lump-sum upfront capital payment by a finance provider (the royalty holder) to the mining company, similar to the deposit paid in a streaming arrangement, in return for a contractual right to receive a percentage of the minerals produced at a mine, or of the future revenue generated from the ...

Why Iluka Resources' lucrative iron ore royalty is back in ...

Dec 18, 2016· Iluka's fourth pillar is the royalty received from BHP in regards to its Mining Area C (MAC) iron ore project in Western Australia's Pilbara region. …

Osisko declares first quarter dividend | Osisko

Feb 17, 2016· Osisko is an intermediate mining royalty and exploration company with two world-class gold royalty assets. These two cornerstone assets are a 5% net smelter return ("NSR") royalty on the world-class Canadian Malartic gold mine, located in Malartic, Québec, and a 2.0-3.5% NSR on the Éléonore gold mine, located in James Bay, Québec.

Operation of marginal fields in Nigeria - an overview ...

Jul 03, 2014· 5 Tax Incentives. Whilst evaluation of the fiscal compliance and incentive arrangements in Nigeria is a critical pre-investment consideration, foreign investors in Marginal Field assets should equally be concerned with whether or not it is maximizing the available tax reliefs in this sector.

Miners to raise iron ore prices if royalty rates go up ...

So, the royalty hike will impact low-grade iron ore producers. Goa will be impacted, as they have to pay numerous taxes and duties other than royalty, post implementation of e-auctions, he said. "In Odisha, the royalty -- which is currently being paid on fines -- is Rs 150 per tonne on fines costing Rs 1,500 (10 per cent of the cost is royalty).

Mining Super Profits Tax - cdn.theconversation.com

• Mining companies liable for the super profits tax would pay the 30 per cent company tax rate. Methodology Super profits tax - iron ore The PBO used detailed mine-level data to estimate the financial implications for iron ore as it is the most significant mineral that would be covered by this proposal. Each mining project's super profits

A Framework for the Analysis of Mineral Tax Policy in Sub ...

Sep 01, 1988· III. IMPLICATIONS FOR CONTRACT TERMS 55 A. The Resource Rent Payment (R) 55 B. Opportunity Cost Payment (0) 60 C. Risk Sharing Payment (D) 63 IV. IMPLICATIONS FOR GOVERNMENT POLICY 64 A. Factors Important to Investors 65 B. What Government Decision Makers Need to Know 68 C. Integration with Other Taxes 73 V. SUMMARY AND SUGGESTED STRATEGY 76

Nigeria's Government considers Petroleum a new framework ...

In place of the current Investment Tax Credit (ITC) and Investment Tax Allowance (ITA) as applicable, there will be a production allowance for crude oil production by leases which are converted to oil mining leases based on a conversion contract and their renewals which is the lower of US$2.50 per barrel and 20% of the fiscal oil price.

The challenge of monetizing Africa's mineral-rich ...

Sep 11, 2013· This would be the case if, for example, the government may have granted the company a 10-year tax holiday on certain items, but then five years later decides to eliminate the tax holiday prior to ...

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