CBG paid $471 million in taxes during 2015-19, says Ministry of mines

One of the world's largest exporters of metallurgical bauxite, operating mines located in the northwest of the Republic of Guinea, Compagnie des Bauxites de Guinée (CBG) has paid a total of $471 million during 2015 and 2019, as reported by the senior officials from the Ministry of Mines and Geology.

Following the efficient mechanism for several years, in 2019, CBG paid every month, one-twelfth of the total amount of taxes budgeted and fixed in advance. Indeed, at the end of the year, this amount is often different from the overall amount achieved and which is the only one to be taken into account in the reconciliations carried out to consolidate the figures. Hence, over the past five years - the 2020 figures are being reconciled - the company paid $149 million in 2015; $108 million in 2016; 87 million in 2017.

CBG officials said: “For 2019, we paid $ 65 million through the monthly (forecast) payment mechanism. The $36 million represents what should have been paid. The differences in 2019 are mainly explained by the accident on 21^st October 2019 on the bauxite conveyor which caused losses of more than $50 million to the company.”

“The provisional budget is made on the profit before taxes. And the final level of taxes depends on the number of dividends distributed”, pointed the senior CBG official.

On the other hand, a report sourced from the Ministry of Mines said: “This is one of the few times that CBG pays more than what was budgeted. The final overpayment is now $7.5 million. As expected, this amount is simply supposed to be offset over the following financial year.”