resource tax tagged posts

Peru To Charge Another Tax on Mines

August 26, 2011 Taxation in Peru

New Tax on Mines in PeruPeru is set to see nearly PEN 3 billion in new tax revenues every year, as the government announces a new mining tax to be imposed in the country.

In an address to the Congress of Peru on August 25th the country’s Prime Minister Salomon Lerner Ghitis said that an agreement has been reached with the nation’s mining sector regarding the issue of a new windfall tax. The new tax comes as a fulfillment of the campaign promises made by President Ollanta Humala to raise new funds for development projects around the country.

In the near future mining companies operating in Peru will face an extra windfall tax, and the new levy will be charged on companies’ operating profits...

Read More

New Mine Tax in Peru by End of the Year

August 3, 2011 Taxation in Peru

Tax on Mining in PeruPeru is currently discussing a new tax on mining projects, in an effort to raise more funds for the country’s poorest regions.

In a series of interviews held with national media on August 1st the Finance Minister of Peru Luis Miguel Castilla revealed that the government hopes to instate a new tax on mining operations in the country by the end of the year.

According to the Minister, the introduction of the new tax is one of the primary short term priorities for President Ollanta Humala, who took office on July 28th. Prior to the election, the Ollanta Humala-led Gana Peru Party began holding talks National Mining, Oil and Energy Society regarding the possibility of a new tax, and now the Ministry of Finance and the Ministry of Evergy have also joined the discussions...

Read More

EU Needs to Halt Direct Investment into Mining in Africa

May 25, 2011 Taxation in EUTaxation in Zambia

EU Needs to Halt Direct Investment into Mining in AfricaA ban on the government financing of mining activities has been called for in Europe, following allegations of gross tax evasion by resource sector operators in Africa.

Fifty members of the European Parliament have signed an open letter to the EU president and the European Commission, calling for a temporary suspension on all government financing of international mining projects. The moratorium is to be upheld until adequate standards can be put in place to protect the tax revenues and development opportunities for the countries in which the mining takes place.

According to the letter, each year sees millions of Euros flow from the European Investment Bank (EIB) into international mining and resource extraction projects, for the purposes of encouraging development initiatives on the Afri...

Read More

IMF Sets Out on International Tax Project

December 20, 2010 International Tax Cooperation

IMFC_1The International Monetary Fund will soon launch a new project designed to greatly improve and overhaul the tax systems of selected low-wealth nations and decrease developing countries’ dependency on international financial aid.

Over the weekend the International Monetary Fund (IMF) held a pledging ceremony for an upcoming program aimed at providing fiscal and technical assistance for low income countries looking to improve national tax systems and administration. Explaining the need for such an initiative IMF Deputy Managing Director Murilo Portugal stated, “…robust tax administrations are essential if low- and lower-middle-income countries are to decrease their dependence on aid and create the fiscal space, over time, to finance their development needs.”

The new program will launch in M...

Read More

Zambia To See Mining Tax Windfall

November 26, 2010 Taxation in Zambia

a little friction (12231)The Zambian Government has come to an agreement with locally operating mining companies, resulting in greater future tax certainty for the mining industry, and a ZMK 1.426 trillion payment of taxes in arrears for the Government.

Discussions between the Zambian Government and mining companies operating in the country have come to a fruitful conclusion, with mineral extraction operators agreeing to pay tax authorities ZMK 1.426 trillion in owing taxes. The payback amount is approximately ZMK 413 billion greater than previously expected by the Government. This announcement was made by the Finance and National Planning Minister of Zambia Situmbeko Musokotwane while speaking to parliament on November 25th.

The now-settled disagreement between the Zambian Government and nationally operating mini...

Read More