Obtain Cabinet's approval of a draft amendment to income tax, customs and excise tax, and goods tax legislations related to the new mining tax regime in line with IMF TA recommendations.
At R2, the benchmark was rescheduled end-January, 2014. At R3, not met. The Cabinet approved draft legislative amendments to the Income Tax Act and the Mines and Minerals Act in February 2014. The authorities indicate that upon a closer look at the legislative framework, these legislative amendments (along with a related Ministerial Order) implement the IMF TA recommendations on the mining tax regime, and that amendments to the customs and excise and goods tax legislations are not necessary. To complete the implementation of Fund TA recommendations, a ministerial order reducing the rates of export duty on gold will be issued in July 2014.