Americas > North America > Mexico > Juniors to be spared full impact of new Mexico mining taxes

Mexico: Juniors to be spared full impact of new Mexico mining taxes

2013/11/10

Juniors will be spared the full impact of Mexico's new mining taxes under a fiscal stimulus approved by the country's senate.

The measure, passed as an amendment to the government's wide ranging tax reforms, will see companies with annual gross mineral sales of less than 50mn pesos (US$3.85mn) allowed to "credit" payment of the 7.5% mining tax against their gain tax bills, according to the text of the document published on the senate website.

The 7.5% tax, calculated on mining sales minus certain deductions, has proved controversial, with industry insiders warning it will result in a slump in mining investment in the country, and major players such as conglomerate Grupo México (BMV: GMEXICOB) and Canada's Goldcorp (TSX: G, NYSE: GG) have said they may be forced to divert billions of dollars in next spending overseas.

Gold, silver and platinum miners will as well be charged an additional 0.5% tax on gross revenues under the reforms, expected to become law at the start of 2014, while companies with mining concessions which have been inactive for two years or additional will see concession fees increased by up to 100%.

EMBA WASHINGTON 华盛顿大学EMBA项目，SB
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