Thursday, July 18, 2024

Mozambique strengthens regulation of mining sector to increase revenues and ensure effective control of operations

The mining sector is of paramount importance to Mozambique’s economic development, playing a key role in increasing exports and contributing to the Gross Domestic Product (GDP). With the aim of strengthening control and increasing revenue in this strategic sector, the Mozambican government has approved a new decree amending the Value Added Tax (VAT) Refund Regulation.

According to the Deputy Minister of Industry and Commerce, Ludovina Bernardo, the measure aims to restrict the scope of the Special VAT Regularization Regime, enabling more effective control of operations carried out by operators in the mining and oil sectors. The main aim is to maximize VAT revenue from these operations.

Data from the Bank of Mozambique, released last year, highlights the significant contribution of the extractive industry to Mozambican exports, totaling around 1.7 billion dollars in 2022. Among the most important products are mineral coal, heavy sands, natural gas, rubies, sapphires and emeralds.

This new regulation reflects the government’s commitment to promoting sustainable growth in the mining sector, boosting the country’s economy and ensuring effective management of natural resources.

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