Extractive sector brings Mozambique tax revenues of US$100 million in 2011

13 March 2014

In 2011 Mozambique earned nearly US$100 million in tax revenues from the extractive sector, indicates a report by the Extractive Industries Transparency Initiative – Mozambique (ITIE-M) released in Maputo by the Mineral Resources Ministry.

The document is the fourth produced by ITIE-M and shows that taxes collected from the extractive sector operating in Mozambique increased by 59 percent in 2011 compared to the previous year. Companies operating in the hydrocarbons area accounted for 69 percent of those taxes.

In its analysis of revenues reported by the Mozambican government, ITIE-M concluded that “although the hydrocarbons area has fewer companies than the mining area,” the sector paid more taxes, nearly US$70 million, versus “little more than US$30 million” collected from the mining sector.

The Extractive Industries Transparency Initiative (EITI) currently counts 41 associated countries, 25 of them fully compliant. (macauhub)