Mozambique: Government expects 5% increase in ruby production in 2025
Mozambique: Govt now using global prices as benchmark for mineral exports
1:00 CAT | 21 Jun 2023
in file CoM
Mozambique’s government has announced its intention to apply international prices as a benchmark for mineral resources exported by the country, aiming to combat under-invoicing.
“The government has decided to establish a mechanism for setting reference prices in the export of mineral resources, a measure that aims to combat under-invoicing, reduce tax evasion and increase the benefits of exploiting mineral products for the country,” said the Ministry of Economy and Finance in a statement on the change, which came into force on Monday.
The mineral resources sector can and should contribute more to boosting Mozambique’s socio-economic development, as there is a lot of fiscal space to be explored, it added.
The Ministry of Economy and Finance noted that the measure is part of fiscal consolidation efforts, in line with the Economic Acceleration Measures Package (SAP) launched in August 2022 by the country’s president, Filipe Nyusi.
The decision is the result of a decree signed by the minister of economy and finance, Max Tonela, and the minister of mineral resources and energy, Carlos Zacarias.
The communique also states that the winner of an international public tender to hire an independent body to monitor the quantities and specifications of ores exported by companies that exploit mineral resources in Mozambique would soon be announced.
Source: Lusa
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