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Itaú on the Mining Royalty Bill’s Progress Through Congress

CHILE
  • After several weeks of gridlock, the Ministry of Finance finally made some progress in the approval of the Mining Royalty bill in the Finance Committee of the Senate. Members unanimously approved the first article of the bill, which establishes the existence of the royalty tax and unifies the tax treatment to one self-contained bill (currently in separate laws). Moreover, they eliminated the reference to lithium in the bill’s original title.
  • However, voting on the maximum tax to be paid by large mining firms was postponed to the next session, presumably after the May 7 election.
  • The MoF has lowered the proposed maximum tax rate from 48% to 45.5%, still above peers according to the mining guild. Finally, the MoF estimates that the proposed royalty tax would raise revenue by 0.47% of GDP when fully phased in estimated after 2026.
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