Zimbabwe's President Mnangagwa recently signed a new law, the Finance Act. The law says that companies must pay more money when they sell certain minerals, including lithium, black granite, quarry stones, and diamonds.
The companies have to pay 2% of the value of the minerals they sell, whether they sell the minerals in Zimbabwe or in other countries. They must use the same currency for the sale.
This new rule started on January 1, 2025. Before that, the fee was only 1%. The government raised it to 2% to make more money from the country's minerals.
The law also says something else important. It says that all the minerals under the ground belong to the President. This has always been true, but the new law makes it very clear.
The law has another new rule, too. Starting January 1st, mining companies must be registered for taxes. If they are not, they cannot buy or sell mining rights, and any sales by companies that are not registered will be canceled.
The government made these changes to the tax rules for mines. They did this because they wanted to earn more money from the country's mineral resources. Zimbabwe has many valuable minerals. The new law will help the country benefit more from them.
The companies have to pay 2% of the value of the minerals they sell, whether they sell the minerals in Zimbabwe or in other countries. They must use the same currency for the sale.
This new rule started on January 1, 2025. Before that, the fee was only 1%. The government raised it to 2% to make more money from the country's minerals.
The law also says something else important. It says that all the minerals under the ground belong to the President. This has always been true, but the new law makes it very clear.
The law has another new rule, too. Starting January 1st, mining companies must be registered for taxes. If they are not, they cannot buy or sell mining rights, and any sales by companies that are not registered will be canceled.
The government made these changes to the tax rules for mines. They did this because they wanted to earn more money from the country's mineral resources. Zimbabwe has many valuable minerals. The new law will help the country benefit more from them.
