Namibia backs down from 44% mining tax

2011-08-17 18:50

Windhoek - Namibia will not go ahead with its plan to raise the mining tax for companies in the non-diamond sector to 44%, the ministry of finance said on Wednesday.
“Instead, the current rate of 37.5% to operate in conjunction with a formula-based surcharge to capture additional mining revenue during better economic periods is proposed,” it said.
The ministry said it revised the tax hike proposal due to major concerns from the industry.