Gabon revises mining sector tax revenue down by 97%, losing 51.8 billion CFA francs in six months
via Gabon Review5 min read
Gabon's revised finance law, promulgated on July 17, shows a significant 97% reduction in expected corporate tax revenue from the mining sector. The anticipated income from mining companies dropped from 53.2 billion CFA francs to 1.47 billion CFA francs, a decrease of nearly 51.8 billion CFA francs. This reduction alone accounts for over 5% of the total revenue revision. Other state revenues were generally revised downwards by 20% to 30%. Beyond corporate tax, other revenue streams from the mining sector also saw substantial declines. Export duties on minerals fell by 60% from 44 billion to 17.6 billion CFA francs, and state participation in mining companies decreased by 49% from 29 billion to 14.8 billion CFA francs. Revenues from the mining domain dropped by 28%, and the tax on mineral products by 36%. These reductions also impacted organizations funded by these revenues, such as the Société équatoriale des mines SEM and the Strategic Fund for Manganese Transformation. The revised law also approved two mining agreements with Nouvelle Gabon Mining SA, granting extensive tax and customs exemptions for the "Manganèse Franceville" concession and the Okondja-Lebaye manganese exploitation permit. These exemptions include corporate tax, minimum flat tax, VAT on local purchases and imports, property tax, and customs duties on project-related materials and equipment. The budget allocated for the control of the mining sector also saw an 86% reduction, with the "Industry and Mines" mi
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