Chile's senate approved on Wednesday a long-awaited new mining royalty bill, passing it back to the lower chamber for a final vote that could come as early as next week.
Earlier this week, the government said it reached an agreement with senators to cut the top tax rate to 46.5% from 47% for companies that produce over 80,000 tonnes of fine copper a year, and 45.5% for production in the 50,000-80,000 range.
The bill had initially proposed a ceiling of 50%, but this was brought down repeatedly amid legislative debate and criticism from the mining industry. The bill is part of the government's wider plan to overhaul the country's tax system, a key part of which wasThe royalty bill also establishes a 1% ad valorem tax on copper sales from companies whose sales exceed 50,000 tonnes of fine copper, as well as a tax ranging from 8% to 26%, depending on the miner's operating margin.
Chile's National Mining Society, known by its Spanish initials Sonami, issued a statement Tuesday saying that even with the adjustments to the original proposal, the bill's total tax burden for the sector remains higher than in competing countries.
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