Chile plans to raise copper mining royalties and reform tax system. miningnews copper
Chile’s finance minister, Mario Marcel, on Friday introduced a tax reform bill that increases copper mining royalties on companies that produce more than 50,000 tonnes a year and raises taxes on high-income earners to fund the government’s proposed social programs and reforms.
Chile is the world’s top copper producer and is home to global copper giants like Codelco, BHP, Anglo American Glencore and Antofagasta.“This means an increase in revenue from royalties, an increase in state participation in mining income,” Marcel said. “But also ensuring the mining sector has enough income to encourage investment.”
A press release from the treasury department says the plan has two components. One is an ad valorem tax between 1% and 2% for companies that produce between 50,000 and 200,000 tonnes of fine copper a year and a rate between 1% and 4% for those that produce more than 200,000. The other component is a rate between 2% and 32% on profits for copper prices between $2 and $5. Both components vary based on the price of copper.The bill aims to raise 4.1% of GDP over four years, with 0.7% going to a new guaranteed minimum pension fund.
The proposal also raises taxes on high-income earners, capital gains and introduces a new wealth tax for citizens with more than $5 million in assets.“Historically, few countries have reached economic prosperity with a low tax load,” Marcel said, adding that 97 percent of taxpayers won’t be affected by the proposal.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
32 Days to Find a Not-Horrible Apartment for a Family of 4With 32 days left to find a not-horrible apartment, EmilyGould handed the hunt over to her husband, keithgessen. In this edition of LookingToSettle, they discuss their search thus far and where it's headed next
Read more »
Baby giraffe born in Santiago Zoo in ChileThe Santiago Zoo in Chile presented to the public its newest resident, a baby male giraffe weighing almost 100 kilograms and measuring 2 meters
Read more »
Chile is a Beacon of True Grassroots Democracy - Women’s Media Center“What are the lessons that Chile can teach us in Puerto Rico and the US? That protesting can be effective, that you cannot toy with a people tired of abuse, and that by creating truly representative democratic processes you can make change.”
Read more »
FOX 32 takes ride-along with Chicago's carjacking task force, 80% of Cook County suspects walk freeIn a FOX 32 Special Report, we recently went on a ride-along with the Chicago Vehicular Hijacking Task Force. Before we could even get our bulletproof vests on, we were in pursuit of a stolen SUV.
Read more »
Denver's New Marijuana Business Incubator Program Has Big PlansThe new program, funded by $500,000 in marijuana tax revenue, plans to help around 100 potrepreneurs.
Read more »
EPA extends comment period on proposed Pebble mine restrictionsThe EPA has said its proposed restrictions would bar discharges of dredged or fill material into waters of the U.S. within the mine site footprint proposed by the Pebble Limited Partnership.
Read more »