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Chile could become one of the most taxed mining countries
On August 31, local time, the Chilean Senate Mining Committee approved a royalty bill that could make the country one of the most heavily taxed major copper producers.
On August 31, local time, the Chilean Senate Mining Committee approved a royalty bill that could make the country one of the most heavily taxed major copper producers.
The bill passed by a 3-2 vote in the committee and will now be debated among senators. In order to soften the position of the version passed by the House of Representatives in May, the revised version may be submitted.
Like other major countries, Chile is seeking to capture more mining profits to address income inequality at all levels caused by the epidemic. Meanwhile, the country is drafting a new constitution that could further tighten controls on water, minerals and community rights ahead of November's presidential elections.
Mining industry warns that this billMentionsOutSales tax based on copper priceIt will weaken the competitiveness of the country that produces more than a quarter of the world's copper. In June, the ruling center-right coalition was confident it could overturn the opposition-backed bill.
"As usual, the right voted against the bill in an attempt to prevent more revenue from the mining industry," Yasna Provoste, a committee member and presidential candidate, wrote on her Twitter account.While supporters of the new royalty system say it will replace the current method of taxing profits, it is not written into the bill now, leading government officials to propose that the two systems go hand in hand.Most of Chile's largest mining companies have tax stabilization agreements in place until 2023.
Source: Mining Industry
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2024-02-10
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