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High taxes on mining in Afghanistan is a deterrence for investors as they are not willing to invest in mines.The chamber of industry and mines criticized the decision of the Ministry of Mines and Petroleum, which boosted the taxes on mine extraction in the country, reported Tolo News."These bargains are not going very properly. This is not in the interest of traders, mining and the country," said Ezatullah Haqmal, head of the mining union in eastern Afghanistan.Geologists believe that the Islamic Emirate should consider a balance in taking new steps to improve the mining process in the country, reported Tolo News."A balance should be observed in taxes which is not too high and not too low that can benefit the government and the private sector," said Abdul Baqi Rahmani, a geologist.Meanwhile, an official at the chamber of industry and mines said that the new decision would provide a good income for the government in a short period of time but would also severely affect mine extraction."The taxes increased compared to what the traders expected," said Rahimullah Samandari, head of the chamber... If we calculate, the taxes increased three times on some of the mines."Officials at the Ministry of Mines and Petroleum said that the new rate of taxes was determined in open bidding by the companies, reported Tolo News."The Islamic Emirate didn't determine these taxes. The rate was determined in a bid by the companies," said Fazal Bari Baloch, an official at the ministry.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :High rate of taxes affect mining process in Afghanistan

High taxes on mining in Afghanistan is a deterrence for investors as they are not willing to invest in mines. ...