Newmont Ghana Gold Limited’s operational excellence yields corporate income tax payment of GH¢45 million
For the year-to-date period ending 30th June, 2011, Newmont Ghana Gold Limited (NGGL) has paid GH¢88 million (US$59 million) for financial obligations to the Government of Ghana in taxes including corporate income tax, payroll tax, withholding taxes, royalties and the National Fiscal Stabilization Levy. The payments were made in accordance with Ghana’s tax laws and the provisions of NGGL’s Investment Agreement.
In addition to direct financial benefits to the Government, NGGL generates other economic benefits through payments of salaries to almost 5,000 Ghanaian employees and direct contractors, goods and services procurement both local and national (spending totaled $1.2 billion through 2010), as well as community development programs.
NGGL is proud of its excellent compliance record with the Ghana tax authorities and has a good working relationship with the Ghana Revenue Authorities. The company in 2007 received the Gold Award (PAYE) for its compliance and contribution to revenue mobilization in 2007.