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Mining industry in the dark over Act

Business News 1 week ago

Under the proposed amendment, only the holder of the mineral rights would qualify.


08 Jan 2021
PREMIUM!
Mining industry in the dark over Act

Mines are being allowed to re-opened by government.

The proposed amendment to the Income Tax Act to exclude contract miners from claiming accelerated capital expenditure deductions were put on hold at the end of last year. However, no further discussions have taken place with industry players who have pleaded with National Treasury and the South African Revenue Service (Sars) to engage in discussions – before the new year. The amendment, which has been described as “devastating” for the mining industry, would have been effective from 1 January, 2021. Treasury proposed in the October draft response document on the Taxation Laws Amendment Bill that government and industry be given...

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