SA extends tax relief for mine-rehabilitation - United British Car Clubs

While work is still in progress on the proposed diamond-tax levy
and mining royalties, Finance Minister Trevor Manuel has expressed
concern over the rehabilitation of mines once they close and has
offered another tax break to mining firms to ensure that this is
provided for.

Already, tax relief is granted to mining enterprises that make
financial provision, in the form of trust funds, for the
rehabilitation of mines once they close.
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This relief entails a deduction for reserves as well as the
tax-free build-up of those reserves.

However, government has received rjaw crusher reinforcement concreteequests from the industry to
consider the use of insurance products to facilitate rehabilitation
of defunct mines, as such, the current income-tax mobile stone crushers in zaexemption for
mining rehabilitation trusts will be extended to insurance products
and other instruments dedicated solely to rehabilitation
funding.

Lestone crushing equipment in india 2gal changes are expected that will extend
environmental-rehabilitation requirements to sectors other than
mining and the current tax incentive for rehabilitation will be
extended as required.

Meanwhile, the proposed diamond-export levy, which aims to
reinforce regulatory measures to ensure an adequate supply of rough
diamonds for domestic beneficiation, is still under consideration.
However, the Budget indicates that the levy will be designed to
provide credits for local sales that would act as an offset in the
determination of the export levy.

The mining sector as a whole showed growth of 3,6% for the first
nine months of last year but growth slowed in the third quarter
thanks to wage strikes.

Production of platinum-group metals showed strong growth last year
on the back of surging prices and coal production also experienced
steady growth.

However, gold production continued to decline despite a near ten
per cent increase in prices last year as mines face dwindling
reserves.

Source: http://www.ubcc.se/2012/12/sa-extends-tax-relief-for-mine-rehabilitation/

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