On March 22, foreign media reported that the Minister of Finance of Chile, Mario? Marcel said on Tuesday that the Chilean government planned to restrict the mining concession bill because the mining industry criticized it for its possible impact on the competitiveness of the industry.
In his speech to the Senate Finance Committee, Marcel said that the bill could be amended at the legislative stage. One of them is to take the start-up cost as the cost of calculating the adjusted taxable income of the mining business. The other adjustment is to set limits on the potential tax burden of various tax combinations, which will improve the security or predictability of tax burden. In addition, companies with operating losses will be exempt from ad valorem taxes, and ad valorem taxes will also be adjusted when the profitability is very low or close to negative values.
After the recent adjustment, the royalty will have a fixed "ad valorem tax", that is, between 1% and 8% to 26% of the copper sales, depending on the mining operating profit margin.
Chile is the world's largest copper producer, with many mining giants, such as BHP Billiton, Antofagasta, Glencore and the state-owned Codelco. The industry criticized the government's mining concession bill, saying that the mining industry has faced a decline in mineral grade and is in urgent need of investment to maintain its production level, and the bill may affect investment.
( Global metal mesh OMETAL.COM)
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