Mozambican Tax Authority collects more than half projected revenues for the year in first half

18 August 2014

Mozambique’s tax revenues in the first quarter, of 89.6 billion meticals, were over half of the 147 billion-metical target for the current fiscal year, the president of the Mozambican Tax Authority (AT) said.

Cited by Mozambican daily newspaper Notícias, Rosário Fernandes also said that tax revenues might improve in the next few days with the payment of capital gains tax by a number of companies operating in Mozambique.

In the first four months of the year Mozambique charged capital gains tax of US$523 million, or 15,846 billion meticals, or 10.76 percent of planned tax revenues for 2014.

“The processes we have in our portfolio show that, this year, capital gains tax may exceed those of 2013, or the equivalent of 18.919 billion meticals, Fernandes said.

The companies that have already paid their capital gains taxes include Videocon Mauritius Energy Ltd, Anadarko Petroleum, Banco Único, Buzi Hydrocarbons, of Singapore, EME Investimentos, Montepuez Ruby, Petronas Carigali Mozambique, Tantalum Mineração e Prospecção, amongst other and the deal between Riversdale Mining Ltd and the Rio Tinto group is still under negotiation.(macauhub/MZ)