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Tax Burden for Copper Producers Could be Stepped Higher

CHILE
  • The Senate finance committee approved a revised cap on the effective tax rate for large copper producers yesterday, the latest step toward raising the tax burden on the mining industry. The proposals are still subject to votes on the floors of both the Senate and Lower House.
  • The proposals would see the tax ceiling for large copper producers operating profit dropped to 46.5% from 47.0% previously. The bill is set to go to the Senate later today, before heading back to the Lower House.
  • The central bank economist survey worth watching later today - although it may not sway the BCCh later this week (expected unchanged at 11.25%), will be worth gauging for inflation expectations.
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