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Gov’t Starts Engaging Gold Dealers over Decline in Taxes

This is after the Ministry of finance reported that the country lost over 470 billion Shillings in taxes on the exportation of gold due to the new taxes that were imposed on the mineral starting with this financial year.
Artisanal miners doing their work in Tiira gold mines, Busia

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Government has started engaging owners of Gold companies so as to reach an understanding over the new taxes imposed on Gold.

This is after the Ministry of finance reported that the country lost over 470 billion Shillings in taxes on the exportation of gold due to the new taxes that were imposed on the mineral starting with this financial year.

Parliament in May approved the amendment of the mining act where a 5 percent tax was imposed on all processed gold that is exported out of the country.

The commissioner in charge of macroeconomics Albert Musisi while appearing before parliaments committee on budget chaired by Elgon county MP Ignatius Wamakuyu Mudimi has confirmed that no gold exports have been handled by the country for the past two months.

Musisi says that they are currently engaging the stakeholders to see whether this tax can be revised.

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Meanwhile MPs have also asked Government for information on the revenue from Minerals. Wilfred Niwagaba, the Ndorwa East MP says that that dealings in Minerals have been highly secretive and dubious and there is need to look look closely at the exports.

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Butamba MP Muwanga Kivumbi asked the Government to give the details of the revenues from Gold, the source of the gold and also details of trade and business in Gold.

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