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Government Approves New Decree to Tighten Control and Increase Mining Revenues

Government Approves New Decree to Tighten Control and Increase Mining Revenues

The mining sector is of great importance to the country, as it contributes significantly to the increase in exports and, consequently, to economic growth, with its contribution to the Gross Domestic Product (GDP) expected to reach 16 per cent by 2030.

To this end, the Executive approved a decree this Wednesday (28) amending the Value Added Tax (VAT) Refund Regulations, in order to control the sector and maximise its revenue.

After another session of the Council of Ministers, the Deputy Minister of Industry and Commerce, Ludovina Bernardo, explained that the measure aims to limit the scope of the Special VAT Regularisation Scheme in order to maximise control of the operations carried out by operators in the mining and oil sectors.

‘This action will help to increase VAT revenue from those operations,’ she added.

Figures released by the Bank of Mozambique last year revealed that the extractive industry contributed around 1.7 billion dollars to exports for 2022, with the products that stood out the most being mineral coal, heavy sands, natural gas, rubies, sapphires and emeralds.

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