Namibia Withdraws Proposal to Raise Mining Tax Rate to 44%

Namibia, the world’s biggest miner of offshore diamonds, has withdrawn a proposal to increase the corporate tax rate on mining companies to 44 percent from 37.5 percent, Deputy Finance Minister Calle Schlettwein said.

The government will instead propose a windfall tax when international prices for the commodities are high, Schlettwein told reporters today in Windhoek, the capital, without giving further details on the rate or at what price level the tax will be introduced.