Cameroon revised “Mining Law”: In the future the governments will directly to levy each gold mining point 15% of gold production
Cameroon revised “Mining Law”: In the future the governments will directly to levy each gold mining point 15% of gold production
According to “Cameroon Tribune” reported on August 6, Cameroon Prime Minister Filemon • Young August 1 issued the Prime Minister order, on the “Mining Law” changes and additions.Under the terms of “Mining Law” revised in the future. “Cameroon artisanal mining industry support and promotion agencies” (CAPAM) have the right to directly levy 15% of gold production from each mining gold points.
Revised “Mining Law” Article 2 states that “to be allowed to use a small amount of artisanal mining machinery industry” is defined as: “is limited to the use of a loader, one to three excavators, and an alluvial gold panning center, accept Cameroon Ministry of Mines of supervision and inspection.”In addition, “all natural or legal persons with the Cameroon technical or financial partnerships signed contracts to participate in Cameroon artisanal mining of foreign enterprises or individuals must comply with the mining industry on government Cameroon dividend paying corporation tax and related laws and regulations, such as the ad valorem taxes.”
“Mining Law” Article 137 stipulates that “the government and corporate taxes from gold mining point of Cameroon directly involved in levied ratio of 15% gold production by the ‘Cameroon artisanal mining industry support and promotion agencies’ responsible for the implementation. “
“Mining Law” stipulates that the income obtained from the Cameroon government in artisanal mining industry will be allocated as follows:
– 70% of the income to the country, where 40% of revenue in the form of physical gold directly handed over to the custody of Cameroon Ministry of Finance, 30% of the revenue will be handed over Cameroon artisanal mining industry support and promote institutions to continue to acquisition of gold through formal channels;
– 10% of the income for operating expenses gold levy brigade;
– 10% of revenue for the implementation of the project for the benefit of the residents of the mining area;
– 10% of revenue for operating expenses Cameroon artisanal mining tracking Commission.
In addition, the “Cameroon artisanal mining industry to support and promote the agency” will be on contract negotiations Cameroon natives with foreign technical and financial partners’ supervision. When you cannot find the signing of the gold mining contract Cameroon locals, the locals Cameroon gold quota would go into the state.
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