NEWS
23
2023
-
02
Chile's Senate voted preliminarily to pass the copper mine royalty bill
Author:
Foreign media news on November 30: On Tuesday, the Chilean Senate preliminarily voted to pass a bill that means that Chilean copper mines will bear the highest tax burden among major copper producers.
The Senate passed the bill by a vote of 18 to 16. Committee members will now amend the bill to cushion its impact, and then the Senate will hold another unanimous vote on the amendment to the bill.
Chile is a copper producer. The country's lawmakers want the country to share more of the mining profits to address inequality between rich and poor exacerbated by the pandemic. Chile is also drafting a new constitution that will include stricter rules on mineral and community rights. Simply put, if the new bill is passed, Chile will raise the sales tax imposed on copper mining giants as copper prices rise. While the opposition-backed bill easily passed a vote in the House of Commons in May, the center-right coalition of ruling parties and from the copper industry continued to warn about the bill. Giants, including BHP Group, say the current bill is not conducive to investing in Chile.
Since most of Chile's mining giants have signed tax stabilization agreements until 2023, there is also a lot of uncertainty about how the new royalty bill will fit into the existing rules. Proponents say the new bill would replace current regulations that tax profits, but that argument was not included in the bill. Government officials have suggested that the two taxation systems could work together, meaning that the tax burden on copper mines could be as high as 80 percent.
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