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Finance Minister Says ‘No Red Line’ on Copper Tax Burden

CHILE
  • According to finance minister Mario Marcel, the government is willing to discuss lowering the tax burden for mining companies in a royalty bill before Congress.
  • Speaking in an exclusive interview with Bloomberg TV, Marcel said the industry is expected to offer suggestions in meetings with the government next week.
    • For reference, in changes he announced on Tuesday, the royalty would be reduced if the sum of all taxes exceeds 50% of operating profit.
    • “There is no red line,” Marcel said while in Washington DC for the IMF’s Spring Meetings. But any further concessions would require support for reforms, he said. “We cannot just introduce more flexibility and still have uncertainty on where the voting will go.”
  • For context, Marcel is steering President Gabriel Boric’s economic reform plans, which suffered a blow last month when lawmakers rejected a tax overhaul. “A wealth tax is one of the issues that has been most discussed,” he said. “Many people don’t like it. Some people say it’s too difficult to implement.”
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