Peru: Experts oppose tax free status of 10 mining companies that cost govt. millions in lost revenue

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Author: Milagros Salazar, IPS news

Las grandes empresas mineras que operan en Perú han multiplicado sus ganancias y aún así siguen beneficiándose de la exoneración del pago de regalías y del impuesto a la renta...Un ejemplo...es el de la empresa Antamina [consorcio conformado por BHP Billiton, Xstrata Plc, Teck Cominco, Mitsubishi] que dejará de pagar este año al fisco 270 millones de dólares...[por] el contrato de estabilidad tributaria que suscribió la compañía en 1998...10 empresas mineras...siguen gozando de este privilegio...Para los expertos este tipo de incentivos deben desaparecer cuando la economía peruana ha pasado a ser estable y gozar de un alto crecimiento...Las protestas a este hecho...llevaron a [Antamina] a acordar con las autoridades regionales la entrega ese año de 24 millones de dólares...Pero algunas organizaciones sociales han rechazado este acuerdo, al asegurar que no fueron consultadas. [se refiere a Buenaventura, Volcan]

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2 February 2010

Peru: Mining Co's Making a Mint, Tax Free

Author: Milagros Salazar, IPS news

Experts and activists in Peru complain that while mining corporations are cashing in on soaring metals prices, they continue to enjoy exemption from royalties and corporate taxes…One example of the losses that such contracts represent for government coffers was the 270 million dollars in taxes and royalties that Antamina SA - a joint venture between…Xstrata…BHP Billiton…Teck Cominco...and…Mitsubishi Corporation will not have to pay this year…[T]he company…took in earnings of over six billion dollars in the 2006-2009 period…[T]ax stability contracts…benefit…the biggest mining corporations in Peru, including Xstrata, Teck Cominco…Newmont Mining, and…Barrick Gold…Protests…over the loss of…tax revenue prompted…[Antamina] and provincial authorities to reach an agreement for a 24 million dollar payment by Antamina…described by the firm as a measure aimed at mitigating possible impacts from the drop in taxes…But social organisations have opposed the agreement, complaining that they were not consulted.

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