Mining Companies Seek Talks as Ivory Coast Scraps Tax Exemption

(Bloomberg) -- Mining companies in Ivory Coast called for talks with the government after it discontinued a tax exemption for industrial and commercial benefits.

The measure would affect companies’ “financial equilibrium” and could hurt foreign investment in the West African nation, an industry body representing the companies, known by its French acronym GMPCI, said in a statement published in the Fraternite Matin newspaper.

The government announced the discontinuation exemption from a 35 percent tax on profits, a move it said is in line with international trends. The exemption will still be available for mining agreements and licenses granted before the ruling, the government said.

To contact the reporter on this story: Baudelaire Mieu in Abidjan at bmieu@bloomberg.net.

To contact the editors responsible for this story: Hilton Shone at hshone@bloomberg.net, Helen Nyambura

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