In recent years the mining sector has experienced a downward trend in the economy. However, mining remains one of the largest industries in the country and continues to play a vital role in the economy.
Navigating complex and uncertain mining tax laws requires expert knowledge and technical know-how. Additionally, changes in legislation and developments in case law compound the risks faced by the mining sector.
In addressing the tax risks faced by the sector, SNG Grant Thornton has designed specific procedures to ensure adequate provision of the mining tax is recognised and current tax dues are fairly presented and disclosed in compliance with the applicable accounting standards, Income Tax Act requirements, the Petroleum Resources Royalty Act, 2008, legal precedents and current SARS’s practices.
Our services include:
- Reviewing of controls relating to the calculation of royalties.
- Reviewing the calculation of royalties as provided by management.
- Re-performing the analysis of royalties payables based on facts and relevant legislation.