Mining revenue rises on improved collection
Mining revenue rises on improved collection
The Ministry of Mines and Energy collected $20.3 million in non-tax revenue last year, a 20 percent increase over the previous year, it said yesterday.
Overall revenue collection by the ministry saw a able increase, exceeding official revenue estimates set out in the 2016 national budget plan by 248 percent, it said in an announcement.
Meng Saktheara, a secretary of state at the ministry, said the revenue came from the mining and petroleum sectors. It was collected in the form of licence fees for mining, royalties, rent from mining zone leases and fines on companies found in violation of regulations.
Saktheara said that the noticeable increase in revenue collection last year could be attributed to the government’s switch from an estimated regime for tax collection to a real regime. He added that increased prices for oil and gas licences as well a stronger audit system also contributed to the greater revenue.
“The increased revenue collection reflects the improved efficiency of our system,” he said. “We will continue to implement the improved methods for collection so we expect that revenue will also significantly increase this year.”
According to its announcement, the Ministry of Mines and Energy approved a total of 401 licences for mining of minerals for construction by the end of 2016 while granting 61 licences for mining exploration. It also provided 23 licences for industrial mining and 326 licences for artisanal mining.
