3% tax on small scale gold exports begin

The Ghana Revenue Authority (GRA) will soon commence the implementation of a three percent withholding tax on the export value on all gold exports from the country.
This means that at the point of export, individuals who purchase gold from unlicensed, small scale and artisanal miners are to provide evidence of payment of the appropriate taxes before the gold can be exported.
This is expected to be implemented from the second quarter of this year. The move is to enable the Authority receive the appropriate taxes from all gold exports, which the GRA claims has been a problematic area in terms of revenue collection.
In 2016, the Authority imposed a 10 percent withholding tax on small scale mining in a bid to increase domestic revenue mobilization and getting members in the sector to pay the appropriate taxes under the revised Income Tax Act, 2015 (Act 896).
This directive failed to work. Subsequently, it was reviewed downward to seven percent and finally three percent after a series of meetings between regulators and operators in the sector.
However, the Authority has still found it increasingly difficult getting small scale and artisanal miners to pay the withholding tax despite the downward adjustment of the levy.
Speaking during a seminar organized by the Institute of Directors (IoD) Ghana, the Deputy Commissioner, Policy and Programmes of the GRA, Mr. Nathan Nettey said the enforcement of the directive at the point of export was important as a number of small-scale miners export the commodity from the country, but have since failed to pay the appropriate taxes and royalties to the state.
“The modalities of how this is going to be carried out will soon be known so that people will know what they need to do with regards to the export of gold”, Mr. Nettey reiterated.
Background
A recent assessment of trade data on gold export between Ghana and its three major partners namely India, United Arab Emirates (UAE) and Switzerland revealed that over US$9 billion worth of gold exports remain unaccounted for.
For instance, Ghana’s official export data for gold trading with Switzerland amounted to a little over US$3 billion. However, Switzerland’s gold import figures with Ghana revealed that they had imported more than US$7 billion worth of gold, this being more than double the total export revenue recorded by Ghana.
Additionally, UAE recently recorded US$7 billion worth of gold imports from Ghana, but Ghana’s official data for export to UAE showed just US$2 billion.
It is expected that the disparities in the figures would have risen significantly if all exports and imports data between Ghana and the countries that buy gold were to be examined.
By Dundas Whigham
Source: Goldstreetbusiness.com      |  Date: 06-02-2019 Time: 11:02:25:am

Full Corporate Offer (F.C.O.) FOB via PMMC

PMMC Ghana
Gold available for sale through the Precious Minerals Marketing Company (PMMC) Ghana, from small Scale Local gold miners here in Ghana.
We offer bush price and we rely on PMMC to sell our gold. No upfront payment.
 Commodity    
Gold
 Origin 
Republic of Ghana
 Form     
Gold Bar
 Product-History   
Clean, Clear, No Liens and Non-Criminal Origin
 Delivery   
FOB PMMC (GoldBod)
 Purity   
94.% purity
 Quantity 
50 to 450 Kilos
 Price  
Negotiable 
 Currency 
USD or Local Currency
 Payment 
Full or Partial Payment after Assay at the PMMC (GoldBod) refinery here in Accra Ghana. (Cash or Wire-Transfer)

PROCEDURES:
v  Buyer is invited to come, inspect the product, and conduct Assay at any Government recognize Gold refinery or the PMMC refinery here in Ghana before payment.
v  No upfront payment, and no upfront demand for paperwork via the Internet or Email.
During buyer's visit to Ghana, signing of the Sales/Purchase Agreement will take place after both parties have agreed the conditions and procedures.
v  Full or Partial Payment after Assay at the PMMC (GoldBod) refinery here in  Accra Ghana. (Cash or Wire-Transfer) as may be agreed between the buyer and the Seller.
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  • All gold Mandates, Agents, Brokers, representatives and all form of intermediaries are to refer their direct buyers to us.
  • There is no any form of commission payment from Seller side; moreover, we shall not engage any intermediaries or third parties in negotiation.

Gold Agents

Gold is a precious metal of high monetary value, sought after for producing coins, jewellery and other artifacts. Ghana is a major producer and exporter of gold as a major foreign exchange earner for its socio-economic development. Between 1989 to 2019, Ghana has produced over 1,290,000 ounces of gold, valued over $720.35 million. 
        In 1989 when the Ghana Government regularized small-scale gold mining operations in the entire country, it was estimated that about 60,000 to 80,000 ounces of gold previously produced by Small Scale miners were smuggled out Ghana yearly.
         In 2014, the total gold mined by small-scale miners was about 1.49 million ounces, which represent about 34.2 per cent of the total gold mined in Ghana.
          Largely, gold production in Ghana has fallen from 3.19 million ounces in 2013 to about 3.17 million ounces in 2014.
         The mining sector in Ghana contributed 16 percent of Ghana’s revenue, with gold as the second largest foreign exchange earner for the country; in 2014, Ghana officially produced a total of 4.4 million ounces of gold.

Consequently, gold revenue, which accounts for almost 98 per cent of the mineral revenue, declined from about $4.7 billion in 2013 to about $3.7 billion in 2014.


The complaint of Gold Shady deal from Ghana
The rate of complaint of the Gold con from Ghana because of upfront payment has greatly increased over the last two decades. These trends should not continue, all stakeholders in the gold business must come together to find a lasting solution to this menace.

Gold Agents should enter into the Gold Business in a Genuine and transparent way as Agent. Small-scale miners should appoint a recognized gold agent to act as their representative, in order to achieve their quest for foreign investors that can collaborate with them to procure mining equipment for their mining sites.    Unregistered small-scale miners should be discouraged from the direct sale to prospective foreign gold buyers; this is to discourage fraudsters from taking advantage of the System. Unregistered small-scale miners should be encouraged to register their company under the General Minerals Commission of Ghana and operating in the areas of Minerals and exporting.
WARNING!
prospective foreign gold buyers must desist from believing people who promise them Gold for the price Of Coffee. There is no Free Gold in Ghana. Please do not believe that you can get free gold from Ghana, it is never true. You will lose that money to dishonest-people. Many people have avoided this simple advice and adhered to a pattern of low-priced gold, there were duped by sophisticated fraud-artist posing as a genuine gold dealer.
           The actual goal of the con-artist is to part you from your hard-earned cash, many of the gold frauds circulating worldwide start from Africa. Several criminal claims to be mine owners and have mining operations in nations like Burkina-Faso, South Africa, and Ghana, Africa's top producers of gold. The Tricksters always guarantee to be offering gold using the legitimate procedure and often offer a large quantity of gold at huge discounts.
           Gold buyers and mints worldwide are tricking, as they search for genuine gold suppliers. Huge sums of monies are lost to the tricksters that run this sophisticated gold rip-off syndicate. The latest attractiveness of gold and the limited supply is forcing long time gold merchants to establish contact with new suppliers and connections, most of whom are crooked.     
  
Please do not hesitate to contact me if you have interest in Gold or you know somebody that has a genuine interest in Gold and Diamonds. I can only guarantee a good Discount, World market price.

Name: Mr Edwin Campbell,
Email: EdwinCampBell@ghanagoldagents.net
Location: Accra Ghana
Read More about: CIF Gold Offer,

                                    &  FOB Accra Gold Offer.

Ghana PMMC
TASK
To trade cost-effectively in gold, diamonds, precious and semi-precious stones locally and internationally, efficiently produce quality jewellery through highly skilled as well as motivated staffs to guarantee customer satisfaction and augment shareholder value. In April 1989 the PMMC was charged with the task of promoting small scale gold mining Ghana.
SERVICES OFFERED BY PMMC

Precious Minerals Marketing Company Limited (PMMC) is a Limited Liability Company operating under the Companies’ Code, with the Government of Ghana as the sole shareholder. The authorized businesses of PMMC are:

  • To grade, assay, value and process precious minerals;
  • To buy and sell precious minerals;
  • To appoint licensed buyers for the purchase of precious minerals produced by small – scale miners;
  • To promote the development of precious minerals and the jewellery industry in Ghana.
  • To do all such things as are indicated or conducive to the attainment of its objectives and functions.
  • To export gold on behalf of third parties for a commission.
Other Gold refineries in Ghana has an installed monthly capacity and is manned by expert team who offer the following range of services:

  • Smelting Services
  • Bullion Assay
  • Refining Services
  • 3rd Party Gold Purchases
  • Export Service
  • International Gold Buyer - Local Gold Seller Inter-mediation Service
  • Vault Services. Valuation is done on the day of deposit.
Gold as a mythical commodity is used as a symbol of love, wealth, and power by ancient pharaohs, modern-day rappers and untold couples,

In the past decade, storefront shops began popping up around Silicon Valley and across the country as gold prices remained high and people turned their jewellery and other gold into cash during tough economic times.
"Gold's been around for thousands of years," said Foldvary, who holds gold mining stocks as a minor part of his own investment portfolio. "And gold remains implicit money. Central banks want to hold gold. China and Japan are increasing their gold holdings, so gold operations will continue...
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