Namibia plans to raise mining tax from 37.5% to 44%, diamonds exempt

According to the country's ministry of finance, Namibia will raise the tax in a bid to strengthen revenue collection within the country and stave off volatility in key revenue sources

Friday , 22 Jul 2011

WINDHOEK (Reuters)

Namibia plans to raise its mining tax to 44 percent from 37.5 percent but said the hike will not apply to diamond mining companies, the ministry of finance said in a statement on Friday.

The ministry said the country is facing volatility in its key revenue sources and is looking to strengthen revenue collection.

"The ministry has also proposed amendments to various tax laws as well as new tax legislation," it said.