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ANC Study Advises Platinum Nationalization, City Press Says

Feb. 5 (Bloomberg) -- Nationalization of platinum assets, a 50 percent windfall tax and a reduction in royalty taxes were recommended by a study ordered by South Africa’s ruling African National Congress, City Press reported, citing the report.

The windfall tax of up to 50 percent should be imposed on superprofits, which the report defined as a return on investment of 22 percent, in return for investment in infrastructure and a reduction in the overall tax rate, the Johannesburg-based newspaper said. Royalty taxes should be cut to 1 percent from 4 percent and platinum, regarded as South Africa’s sovereign resource, should be nationalized through “targeted interventions,” according to the study, City Press said.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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