ANC to debate mine tax

2012-12-19 00:00

THE ANC has reviewed the country’s macro-economic policy and is keeping under wraps a secret document detailing the suggested changes.

The nationalisation of mines is off the cards, but a mining tax remains on the agenda.

Outgoing ANC national executive committee (NEC) member Enoch Godongwana said yesterday that the contents of the review document had been kept under wraps to avoid an “unwarranted” public debate around it before the conference convened.

The changes were being discussed in the party’s economic transformation commission.

Godongwana said the debate on whether the state should capture mining profits via resource rents will continue, but the focus of the debate at the conference will be on what form that tax will take.

The nationalisation of mines is off the radar, but mining tax remains a hot topic, he said. Discussions would be around the perce-ntage of mining profits to be taxed.

Godongwana downplayed the impact the mining tax debate will have on future foreign direct investment inflows, even though credit ratings agencies have already downgraded the country’s creditworthiness.

The macro-economic policy review was commissioned by the ANC’s policy conference in June. Only 2 000 copies of the document exist and were expected to be released to the commission shortly before the discussion of economic transformation.

It is not clear why the ANC has called for a review of its macro-economic policy barely three years after Economic Development Minister Ebrahim Patel unveiled the New Growth Path (NGP), in line with the 2007 Polokwane conference resolution that called for a change to the macro-economic framework. It sought to create five million jobs in 10 years.

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