12 Feb 2014

The total diamond profits for the years 2000 to 2010 amounted to P114 727 billion, taxes amounted to P31 013 billion while royalties amounted to P16 145 billion.

The Assistant Minister of Finance and Development Planning, Mr Vincent Seretse said this when responding to a question in Parliament from MP for Maun West, Mr Tawana Moremi on February 11.

For the 10-year period, Mr Seretse said withholding taxes on Pay As You Earn received from the diamond sector amounted to P 1 033 billion, resulting in total taxes of P32 046 billion from the sector.

In addition, he said government also received P56 164 billion in dividends from the diamond industry.  “We never disaggregate to the level of specified types of mineral as that may be tantamount to disclosure of information about the taxpayers; which would be contrary to the secrecy provisions under Section 5 of the Income Tax Act,” said Mr Seretse.

MP Tawana had asked the assistant minister to state the total diamond royalties, profits and taxes for the years 2000 to 2010 and why the figures were commonly not disaggregated in official literature. ENDS