Ghana Reduces Corporate Tax Rate, Royalty Rate for Gold Fields

Gold Fields Ltd. (NYSE:GFI) announced that it’s concluded a development agreement for its Tarkwa and Damang mines with the government of Ghana.
Highlights of the agreement are as follows:

• A reduction in the corporate tax rate from 35.0% to 32.5%, effective 17 March 2016.
• A change in the royalty rate from a flat 5% of revenue to a sliding scale royalty based on the gold price (as per table below), with effect from 1 January 2017.

Click here to read the full Gold Fields Ltd. (NYSE:GFI) press release.