The government has begun negotiating with gold company owners in order to reach an agreement on the new gold taxes.
This comes after the Ministry of Finance stated that the government lost approximately 470 billion Shillings in gold export taxes as a result of the additional levies imposed on the mineral beginning this fiscal year.
In May, Parliament adopted an amendment to the Mining Act that imposes a 5% tax on all processed gold exported out of the nation.
While testifying before the parliament’s budget committee, chaired by Elgon county MP Ignatius Wamakuyu Mudimi, the commissioner in charge of macroeconomics Albert Musisi revealed that the government has not handled any gold exports for the past two months.
According to Musisi, they are actively contacting stakeholders to determine if the tax can be changed.
MPs have also requested information on mining earnings from the government. Ndorwa East MP Wilfred Niwagaba claims that mineral dealings have been exceedingly hidden and shady, and that exports should be scrutinized rigorously.
Butambala MP Muwanga Kivumbi has requested that the government provide information on gold revenues, gold sources, and gold trade and business.