RESOURCE NATIONALISM: Royalty stability expected in Peru after well received change
Mar 22, 2012 | 08:26 AM
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The Peruvian mining industry is looking forward to stability in the country’s royalty regime after the favourable changes to the tax regime made late last year.
Royalties are now calculated according to each miner’s operating income, based on their operating margins, as opposed to the previous payment system of 1-3% of a company’s sales revenue.
“We had an irrational tax system in which many projects with high costs and low profitability simply couldn’t get off the ground,” Pedro Martínez, president of Peru’s national mining, oil and energy....
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