Mexican senate approves 7.5% mining tax

Nov 07, 2013 | 08:59 AM | Rodrigo Alonso

Tags  Mexican senate, mining tax, Camimex, Enrique Peña Nieto, Jose Angel Hernández Puente, National Mining, Metallurgical and Similar Workers Union of Mexico, Grupo Mexico Rodrigo Alonso

MEXICO CITY — The Mexican senate has approved a 7.5-percent tax on mining firms’ earnings before interest, taxes, depreciation and amortization (Ebitda) as part of a wider package of tax reforms.

There is an additional 0.5-percent charge on sales of gold, silver and platinum, according to the senate.

The new tax, which will introduce royalty payments for the first time in Mexico’s history, will come into effect Jan. 1, 2014.....

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