Being an Act to provide for and coordinate various taxes and charges on extractive industries, the regulation of fiscal aspects of extractive industry agreements, and for other related matters.
The key points of the consequential amendments to the Mines and Minerals Act, 2009 are as follows: Amendments to Section 148: Section 148 is repealed and replaced with a new section outlining the obligations of a holder of a mineral right. The holder of a mineral right is now subject to various financial obligations, including royalties, mineral resource rent tax, income tax, annual charges, and other payable amounts under the Extractive Industries Revenue Act, 2018. Additionally, the holder must adhere to all other applicable taxes, fees, and charges as listed in the First Schedule of the National Revenue Authority Act, 2002. Deletion of Sections 149, 150, and 151: Sections 149, 150, and 151 of the Mines and Minerals Act, 2009, are deleted. Amendment to Section 157: In subsection (1) of section 157, the words “Royalties, import duty and any annual charge” are replaced with the term “Amounts.” Subsection (3) of section 157 is deleted. These amendments modify the financial obligations and administrative procedures related to mineral rights holders under the Mines and Minerals Act, 2009, aligning them with the provisions of the Extractive Industries Revenue Act, 2018.
