Zimbabwe is set to increase the royalty rate on platinum producers from January 1, 2023, to boost its coffers that have been dwindling as a result of economic challenges facing the southern African country.
Finance Minister Mthuli Ncube said last week in his mid-term budget review that the rate for platinum miners will double to 5%.
“Mindful of the fact that the tax regime is the main instrument for sharing benefits from finite minerals and also provides an important source of government revenue, it is necessary to maximise revenue to the fiscus,” he said.
The royalty rate on platinum was reduced from 10% in 2015 to 2.5% in conformity with a court judgement.
The reduced rate was subsequently aligned across all platinum producers.
Zimbabwe has the world’s third-largest known platinum reserves, after Russia and South Africa.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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