Proposed Zimbabwe Platinum Export Tax Faces Criticism

Bloomberg reported that a proposed 15-percent tax on Zimbabwe’s platinum exports is garnering heavy criticism. The tax is part of the country’s efforts to keep more industry revenue within its borders.

As quoted in the market news:

The government proposed a tax on shipments of unrefined platinum in December that would apply from Jan. 1 this year. The levy is badly timed and would hurt competitiveness, the Zimbabwe Chamber of Mines said in a document submitted to a parliamentary committee and obtained by Bloomberg News.

‘With the platinum price already depressed, compounded by other challenges, this will hamper down viability of the sub- platinum sector,’ it said.

Click here to read the full Bloomberg report.