Base Titanium demands Ksh 1.9 Billion Tax Refunds from KRA
Base Titanium has been demanding Ksh. 1.9 billion from KRA in tax refunds for the mining infrastructure that the company had set up in 2013.
Base has been paying royalties at a rate of 2.5 percent of total mining proceeds. This is expected to soon rise to 5 percent.
According to company officials Base Titanium has invested over ksh. 1 bilion in various income generating activities such as agriculture, health and education in Kwale County.
In the quarter to Dec, Base Titanium produced Ksh. 119,209 tonnes of ilemnite which is higher than 113,806 tonnes produced during the same period in 2016.
Base Titanium is the largest mining project in Kenya since independance contributing to 57 percent of mineral exports in Kenya.
Base Titanium is reported to have reached an agreement to acquire 85 percent in Mauritian subsidiaries of World Titane Holdings based in Madagascar.
Finally, Base Titanium will start explorations in Tanzania over the next one week.
More updates coming…follow us on Twitter @kerosiT
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