About Mineral Tax
Under the license released according to provisions of Act No 33 of 1992 Mining and Mineral Resources on behalf of the rights of mining and removing mineral resources from a land in the Western Province every person who carry out a business should pay Mineral Tax.
It is meant selling bulk or retail obtained by rights of mining and removing mineral tax by business.
Mineral Tax Rate
According to provisions and orders of Act No 33 of 1992 Mining and Mineral Resources tax rate is (0.05) based on value of turnover.
Assessment of Mineral Tax
Mineral Tax should be paid based on turnover obtained through the right of mining and removing mineral resources in the Western Province.
Turnover means the total amount of money received or to be received from the transactions happened relevant to the business after deducting the followings.
- Money obtained by selling capital assets
- If some amount of money that is paid Mineral Tax become a bad debt of the relevant season after including in the turnover of a previous season, that money
Even then, if some amount of money which is deducted as bad debt received during a season that money will be included into the business turnover obtained for that season.