2023-12-27 10:18:38
Tuesday, December 26, 2023, national advisors denounced “surreal tax exemptions” in Guinea which are causing the State to lose nearly 8,000 billion Guinean francs per year.
National advisors estimated that this amount could have been used to build basic infrastructure in education and health. Unfortunately, of the eight (8) mining companies taken as an example, the annual losses in customs and tax revenue are chilling.
“The CNT notes that the intensification of mining activities is not proportional to the mobilization of related resources. This state of affairs is due to the non-transformation of raw materials on site, on the one hand, and to the surreal tax exemptions on the other hand; which compromises the interests of the State,” they denounce.
According to the report presented during the examination and adoption of the initial 2024 Finance Law, the Guinean State would lose with:
1- SAG, 332.56 billion GNF per year;
2- GAC, 19.66 billion GNF per year;
3- SPIC, 94.55 billion GNF per year;
4- THE MANDIANA MINING COMPANY, 93.93 billion GNF per year;
5- the SMB, 790.61 billion GNF per year;
6- WINNING CONSORSIUM RAILWAY GUINEA SAU, 238,73 Mds GNF ;
7- The company of KOUROUSSA GOLD MINING, 94.014 billion GNF;
8- The Dinguiraye Mining Company (SMD), 156.96 billion GNF.
The cumulative losses show a shortfall per year of 1,915.6 billion GNF on mining revenues, to the account of the General Directorate of Taxes. At the General Directorate of Customs, the shortfall is estimated at GNF 6,064.41 billion per year. The total amount of losses is 7,980.01 billion Guinean francs per year.
The CNT invites the Guinean government through its competent structures to review mining contracts. In this regard, an advisor points out that mining activity in Guinea generates less than $500 million per year in terms of revenue while 13 mines are in operation in the country. Compared to neighboring Mali, these are only two mines, but the revenues would amount to more than a billion dollars per year.
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