Minister of Economy refuses to apply taxes to "mining surpluses"
-
Loading... - John Fraser
- 26 Aug 2022
- 69 Views
- 0 Like
- 0 Comment
The Minister of Economy and Finance, Kurt Burneo, reported that it is not in the plans of his sector to raise tax rates on mining surpluses.
As you remember, this is a measure proposed by the former Minister of Economy, Pedro Francke, whose analysis was carried out by the International Monetary Fund (IMF) that determined that "there was space."
After the departure, his successor Oscar Graham, left it in the pipeline for further analysis.
“Seeking to establish a rate for mining surplus profits is done in a context in which mining companies receive income outside of what they do in a context in which mining companies are economically favored by the rise in international prices, the question is : What has the mining company done to justify or induce the price of metals? It is nothing and they only see the spot market or futures, they have no interference in it, it is an accepting price, in economic terms”, he explained.
Along these lines, he said that a surplus tax would make a lot of sense if we were talking about rising prices and income as well, that is not the context now.
“We would do wrong if we propose an economic reactivation plan to change the tax rates, it would be crazy, because if I am talking about confidence, there are certain things that have a moment,” he mentioned in the presentation of the 2023-2026 Multiannual Macroeconomic Framework. Read More…
