Peru Moves to Raise Taxes on Mining

Posted in Industry News on 23rd September 2011 |

Peru looks set to raise taxes on the country's important mining sector, which is the world's second largest copper producer.

Royalties are set to increase from 1% to 3% and tax on profits from 1% to 12%.  There is even talk that extra taxes may be raised on so called 'stability agreements', where special taxation protection was granted to large companies in the 1990s.

This follows June's general election, when new President Ollanta Humala was elected after promising a windfall tax on mining, and August's announcement of plans to raise a further $ 1.1 billion from the sector.

Tags: Copper, Mining Royalties, Peru, South America
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