South Africa: Technical Assistance Report-Fiscal Regimes for Mining and Petroleum: Opportunities and Challenges

International Monetary Fund

No 2015/244, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Assistance report reviews South Africa’s tax system and also examines the fiscal regime with a view to generating a sustainable revenue contribution from mining and petroleum in future. Mining has historically been the mainstay of the South African economy. Mineral exports remain the principal contributor to foreign exchange earnings on the current account. South Africa is not yet a significant producer of crude oil or natural gas. Oil and gas exploration nevertheless shows promise. Taxation is far from top of the list in current challenges facing the development of extractive industries in South Africa. The national goal of economic and social transformation in favor of Historically Disadvantaged South Africans has major impact on the mining sector.

Keywords: ISCR; CR; capital expenditure; income tax; cash flow; taxable income; withholding tax; flat rate; gross sales; Mining sector; Non-renewable resources; Personal income; Oil; Capital spending; Africa; Global (search for similar items in EconPapers)
Pages: 154
Date: 2015-09-08
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