09.09.2013 - Mozambique’s mineral ministry skeptical about sovereign fund
Mozambique’s Ministry of Mineral Resources is skeptical about the establishment of a Sovereign Wealth Fund, at least in the short term, and believes there are more pressing uses for the money obtained from the country’s vast reserves of natural gas. The Mozambican Tax Authority (AT) has mentioned a Sovereign Wealth Fund as one possible destination for the large sums of money raised from capital gains tax on transactions involving the country’s mineral resources. For example, the sale of shares in the Rovuma Basin Area Four, where much of the recent gas discoveries have been made, netted the Mozambican government 400 million US dollars in capital gains tax...............................................Full Article: Source
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