Great Dyke Investments exempted from paying tax

By Stanley James
THE Government has taken a stance to promote long term viable projects after exempting new platinum mine, Great Dyke Investments (GDI) from paying income tax for the next five years.
Realising the long term benefits from the new mine, Finance and Economic Development Minister, Professor Mthuli Ncube this Wednesday gazetted statutory instrument 26 of 2021 on tax relief for the project. 
The move will see the mine being excluded from paying income tax on earnings generated from exploiting the resource, sales and taxes paid to shareholders, among other incentives.          
A fiscal and tax expert Marvellous Tapera says the move is likely to have an impact on overall production and earning targets for the project.                    
Project consultant Zack Murerwa added his voice saying the exemption of income taxes will set the tone for rebuilding business confidence.        
“These are some of the incentives that we have been yearning so we hope they will facilitate growth,” he said.
The project is a joint venture between a local consortium and a Russian-based mining group.       
It is one of the new ventures expected to help the Second Republic reach a 12 billion United States dollar mining industry by 2023 which is in line with Vision 2030.            

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