‘Windfall tax’ on mines would do shareholders a disservice
Government has a dismal track record on misspending tax funds, and the cream is best spent on new projects
An analyst in London raised an interesting question about a potential SA windfall tax after Anglo American Platinum (https://www.sharenet.co.za/v3/quickshare.php?scode=AMS) posted record earnings for 2019.
A windfall tax is not uncommon around the world and, if properly managed, gives a country’s citizens the benefit through extra infrastructure or government spending for the good of society.
Finance minister Tito Mboweni is delivering a budget speech on Wednesday and it’s widely expected that he will pull a tax lever to bolster government coffers...