Gold and What Moves it.
81
Tracking all things that relate to and affect the price of gold.
Curated by Hal
Follow
Scooped by Hal onto Gold and What Moves it.
Scoop.it!

Gold import tax hike disappoints India buyers

Gold import tax hike disappoints India buyers | Gold and What Moves it. | Scoop.it
From www.bullionstreet.com - January 23, 3:17 PM
India’s passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4% of gross domestic product in the July-September quarter.

 

MUMBAI(BullionStreet): The Central government has raised the import tax on gold by 2% points to 6% to curb purchases and rein in a ballooning fiscal deficit, but the move has left buyers disappointed.

India’s passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4% of gross domestic product in the July-September quarter.

Alarmed by the mounting current account deficit, driven by large-scale gold imports, the government raised the import duty on gold and platinum to 6% from 4%.

The jewellers in eastern Siliguri city were upset with the step. ...

Hal's insight:

Upset? Sheesh. Why would they be up.

  • Comment
  • +
No comment yet.
Sign up to comment
Delete the scoop?

Are you sure you want to delete this scoop?

Yes No
Your new post is loading...
Scooped by Hal
Scoop.it!

South Africa pushes for greater tax revenues from miners | MINING.com

South Africa pushes for greater tax revenues from miners | MINING.com | Gold and What Moves it. | Scoop.it
From www.mining.com - February 6, 11:11 AM
South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with rising costs and declining commodities prices.

 

South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with the double burden of rising costs and declining commodities prices.

 

Bloomberg reports that while the incumbent African National Congress seeks to derive greater fiscal benefit from its mining companies, any measures to raise tax revenues will also risk further hampering a sector already burdened by ballooning costs and weak spot prices for key commodities.

 

The ANC announced at a conference in December that it would pursue a tax review for the mining sector in lieu of radical proposals to nationalize mines. Talk of a "resource-rent" tax ...

No comment yet.
Sign up to comment
Delete the scoop?

Are you sure you want to delete this scoop?

Yes No
Scooped by Hal
Scoop.it!

SA Gold production dips 32.2% in Nov

From www.bullionstreet.com - January 15, 10:37 AM
Analysts said the impact of a wave of wildcat strikes that swept the sector last year remained and reflecting in the outcome.

 

JOHANNESBURG(BullionStreet): Former top gold producer, South Africa's production continued to fell [sic] on the impact of the illegal mine strikes last year.

 

Statistics South Africa said country's gold output fell by 32.2% in volume terms in November, while total mineral production rose 1.1% compared with the same month last year.

 

Production of non-gold minerals was 4.5% lower, Statistics South Africa said. Production of platinum group metals climbed 3% in November. ...

Hal's insight:

I figured those strikes would continue to be a factor. I imagine that more strikes will be in the future of mining this year as well.

No comment yet.
Sign up to comment
Delete the scoop?

Are you sure you want to delete this scoop?

Yes No
About Media Follow us How it Works Legal Mobile Developers
Facebook
Twitter
Google +
LinkedIn