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Conduct detailed analyses before scrapping VAT on mineral exploration – Tax analyst to govt

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A tax expert, Francis Timore Boi, has advised the government to proceed with caution as it considers adjustments to the Value Added Tax (VAT) on mining exploration activities.

This step is deemed crucial for the government’s strategy to achieve its fiscal objectives for the year.

During the inaugural event of the 2024 West African Mining and Power Conference and Exhibition (WAMPOC/WAMPEX), the Minister for Lands and Natural Resources, Samuel Abu Jinapor, revealed plans to reassess the VAT portion within the tax framework that affects the exploration expenses of potential mining firms.

“I think it is a good thing. It will make exploration activities a bit affordable and possibly attract foreign direct investment into the mining industry.

“However, looking at the current situation where we [the government] need money, we need to weigh the options of whether we want to forgo that VAT, as this may cause some deficit to government coffers.”

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