Government Receives GH�45M From Newmont

Newmont Ghana Gold Limited, a mining company operating in the country, has made its first corporate tax of GHc45 million to the government of Ghana. 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, Newmont Ghana Gold Limited 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 totalled $1.2 billion through 2010), as well as community development programs. Presenting the cheque at the Commissioner� office, Edwin Allotey Acquaye, Director of Tax, Newmont Ghana Gold said the company was proud of its excellent compliance record with the Ghana Tax Authorities and would continue the good working relationship with them. Mr. Acquaye said Newmont Ghana would continue to act with honest and transparent communications as the value state by following all rules and regulations governing tax payment in the country. Madam Comfort Boohene Osafo, Acting Commissioner Domestic Tax Revenue Division of Ghana Revenue Authority, who received the cheque in her office, said they were happy with the contributions from Newmont Ghana because the contribution forms 12 per cent of their target for the quarter and has helped them achieve their target for the quarter (January � June 2011). She also said �Newmont Ghana has made tremendous contributions to the government since its operations in Ghana and will encourage them to do more in the payment of corporate tax since the government has increased their target�. The company in 2007 received the Gold Award (PAYE) for its compliance and contribution to revenue mobilization in 2007.