Gold Fields Ghana Limited was the nation’s second biggest tax payer in 2015, behind GCB Bank, according to the Ghana Revenue Authority (GRA).
This was announced at an awards ceremony organised by the GRA to recognise the tax contributions of corporate institutions.
Gold Fields has over the years consistently been among the top tax payers in Ghana, and is the mining sector leader in that category.
GRA commended Gold Fields for its high compliance and commitment to its tax obligations, and noted that the company’s “contribution to the national economy in terms of taxes is remarkable, most especially in the year 2015 despite Ghana’s economy having suffered some crisis in the extractive sector”.
Gold Fields’ Executive Vice President and Head of West Africa, Mr. Alfred Baku said: “Gold Fields takes its tax obligations very seriously, recognising the pivotal role of tax compliance in the infrastructural and general economic development of every nation”.
He noted that the company is guided by its core principles, which include delivering value to all stakeholders including communities, investors, employees and government, through responsible gold mining and environmental stewardship.
In 2015, Gold Fields Ghana Limited paid GH₵109million to GRA as corporate income tax, while dividend and royalty payments amounted to GH₵42million and GH₵158million respectively.
And beyond the direct taxes (corporate income tax and royalties), the company also paid GH₵135million in indirect taxes through employees’ Pay As You Earn (PAYE), as well as withholding taxes for local contractors and suppliers.
The GRA award is one of several that Gold Fields has recently received for the company’s commitment to good governance, compliance, and social investment. At the maiden edition of the Ghana Mining Industry Awards held in December 2015, Gold Fields Ghana Limited was adjudged ‘Mining Company of Year’, and first runner-up for ‘Best Performer in Social Innovation’.
Source: B&FT Online