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Timeline of 2011 global tax changes affecting metals, mining companies

Dec 14, 2011 | 06:06 AM |

Timeline of global tax changes proposed or passed in 2011, affecting metals and mining companies:

January 2011:

  • Iran introduces taxes on exports of iron ore concentrate and iron ore pellet of 50% and 35% respectively.
  • China removes its 50% rebate on 17% VAT tax on scrap metal.

February 2011:

  • India announces an increase in export duties on iron ore to 20% for lumps and fines, from 15% and 5% respectively.

March 2011:

  • The UK will impose a carbon floor price in 2013 at £16 ($25) per tonne of carbon produced, and aims to increase it to £30 per tonne by 2020.

April 2011:

  • Zimbabwe reinstates a chrome export ban and increases fines to 20% from 15%.
  • China raises its resource tax on rare earth sales to 0.40-0.60 yuan (0.06-009) per tonne from 0.30-0.40 yuan per tonne.
  • China imposes a new split-rate tax on rare earths, with light rare earths mining taxed at 60 yuan per tonne, while heavy rare earths are taxed at 30 yuan per tonne.

May 2011:

  • Vietnam raises its iron ore export tax to 40% from 30%.
  • Brazil cuts its heavy plate import duty to 2% from 12%.
  • Western Australia will hike iron ore royalties from 2013 to 7.5% from 5.625%.

July 2011:

August 2011:

  • Peru wants to pass new legislation to implement a profit-based tax to replace the current system of royalty tax between 1% and 3%. The exact rate is not yet disclosed.
  • Namibia introduces a 2% levy on exports of unprocessed minerals, while also proposing a windfall tax and royalty payments to be introduced in 2012. 

September 2011:

  • Philippines proposes a 5% royalty on mining activities.
  • Indonesia talks about an export tax on certain minerals before a complete export ban in 2014.

October 2011:

  • China raises its resource tax on coking coal to 8-20 yuan ($1.25-3.12) per tonne from 0.3-5 yuan per tonne since 1993.

November 2011:

  • Australia will impose a 30% tax on profits on all iron ore and coal mining projects, starting from July 2012.
  • Australia passes a carbon tax, setting it at a fixed rate of A$23 ($23.20) per tonne on the top 500 polluters from July 2012, then moving to an emissions trading scheme from July 2015. Companies involved will need a permit for every tonne of carbon they emit.
  • Zimbabwe raises mineral royalties for gold and platinum to 7% and 10% from 4.5% and 5% respectively.
  • China proposes a tax rebate on cobalt exports.
  • Zambia doubles copper and other metals royalties to 6% from 3%, and increases precious metals royalties to 5%.

December 2011:

  • Tanzania seeks higher gold royalties, to 4% from 3%.
  • From 2012, Ghana will increase its corporate tax rate to 35% from 25%. It will also start charging a 10% windfall tax on mining companies.
  • Emirates Steel is working closely with the Abu Dhabi government to impose an additional 5% customs duty on rebar imports into the UAE.

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