Global Mining Fiscal Regime 2017 - A Focus on Major Taxes and Royalties in Selected Countries
Efficient administration and implementation of governing laws and regulations establishes compelling mining contribution from companies’ functioning in the global mining industry. Thus, countries have relatively well-organized government bodies, agencies and other relevant organizations governing their respective mining industries and maintaining competitiveness in the global market.
Mining accounts for a significant part of government revenues, which takes diverse forms, including corporate income taxes (CIT), value added tax (VAT), withholding tax, and royalties among many other country specific taxes, and payments. This report focuses on taxes and royalties levied in selected countries by giving a broad comparison.
Countries such as Germany, Kazakhstan, Russia, the UK and Ukraine have lowest CIT rates (less than or equal to 20%), whereas, Chile, China, Ghana, Indonesia, Peru, and South Africa have moderate CIT (20% -30%). Argentina, Australia, Brazil, the Democratic Republic of Congo (DRC), India, Mexico, Philippines, and Tanzania have the highest CIT (greater or equal to 30%). There is a standard 38% federal CIT rate in Canada while the Canadian provinces and territories have a CIT rates in lower and a higher brackets. In the US, the CIT varies from state to state in the range of 3%-9.99%.
Royalty rate vastly differs from country to country. For Instance, Australia royalties are different in each state and territory and varies from commodity to commodity. In Brazil, India, and Indonesia, the royalties are broadly commodity wise. In the US and Canada, it differs in each state and province.
The report Global Mining Fiscal Regime 2017 - A Focus on Major Taxes and Royalties in Selected Countries provides top governing bodies, their primary laws and regulations for selected countries split across the regions of Asia-Pacific, Europe, Former Soviet Union, Middle East and Africa, North America, Oceania and South and Central America. Additionally, this report sets out in detail the contractual framework under which firms must operate in the industry and clearly outlines the governing bodies, governing laws and regulations and tax-related information on different commodities including coal, iron ore, copper, zinc, lead, bauxite, gold, silver, nickel, chromium and manganese.
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