Amendments to the “Mining Royalty” draft
November 15, 2022 · 1 min read
On October 25, 2022, the Government submitted new indications to the Mining Royalty draft, giving this new name to the bill, among other modifications; and which contemplates its entry into force on January 1, 2024.
The Government’s proposal replaces the current specific tax on miningwith a new tax based on two components: an ad-valorem component and another component on the mining margin y otro componente sobre el margen minero. Together, these components will make up the so-called Mining Royalty to which mining operators will be subject.
- Ad-valorem the mining margincomponent: Mining operators whose copper sales exceed the equivalent of 50,000 metric tons of fine copper (TMCF) per year will be subject to this component.
- Ad-valorem sobre el margen minerocomponent: Mining operators whose annual sales exceed 12,000 TMCF will be subject to the tax, with different formulas for determining the tax according to sales and ore sold.
See all the details in the document written by our team here.
