KRA Owes Australian Mining Firm Ksh 20 Billion in Tax Refunds
Base Resources, Australian based titanium miner in Kenya, has acclaimed that the Kenya Revenue Authority (KRA) owes it more than 20 billion shillings in tax refund since 2010.
The company revealed in its latest reports that since it started its operations in Kenya about nine years ago, the taxman has only them paid 3.5 billion shillings. The firm also says it had paid 1.1 billion in tax and royalties to the Kenyan government for six months to the end of 2018.
“As previously announced, Base Resources has refund claims for VAT paid in Kenya, relating to both construction of the Kwale Project and the period since operations commenced, totaling approximately US$24.2 million on 30 June 2019. These claims are proceeding through the KRA process with refunds totaling US$3.5 million received during the quarter (last quarter: nil). Base Resources is continuing to engage with the Kenyan Treasury and the KRA, seeking to expedite the refunds.” says the company’s report.
By the quarter ended June, Base had recorded a 26.1 percent increase in the value of titanium exports from its Kwale mine to Sh7 billion as a result of high prices in the foreign markets.
There is a higher demand for the titanium ilmenite in the foreign markets since the supply of the commodity is restricted to a specific limit, making its price to increase.
“As expected, constraints on the global supply of sulphate ilmenite and high-grade chloride feedstocks (including rutile) have continued to have an impact on the market and supported further positive price momentum.”
“Demand for Base Titanium’s ilmenite from existing customers remain greater than the company’s ability to supply and there has been a significant increase of inquiries from new customers globally,” revealed the Base report.
Despite the company spending months relocating to a new mining site, there has still been a significant improvement in the production of Titanium’s three main product namely; rutile, ilmenite, and zircon.
The Titanium products contributed to 66.1 percent of the total mineral value of Kenya’s exports with the continued strengthening of rutile and ilmenite prices while zircon prices stabilized.
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