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Peruvian Mining Minister Proposes To Permanent Tax Incentives For Mining Companies Sep 10, 2018

According to foreign news on September 6th, Peru's Minister of Energy and Mining, Francisco Ismodes, proposed on Thursday that the tax incentives offered to mining companies will be adjusted to permanent policies, thereby reducing the investment uncertainty of the world's second largest copper producer.

In the past two decades, Peruvian mining companies enjoyed an 18% VAT rebate.

But as the maturity date approaches, the tax rebate policy faces accusations, and opposition lawmakers propose to end this policy this year. According to the statistics of the taxation department, in 2016 and 2017, the Peruvian government refunded a total of about 3.625 billion US dollars to the mining enterprises. Ismodes said in an interview, "If you want to extend the tax concessions again, it would be better to make it part of the mining regulations." It stressed that the Ministry of Economic Affairs will make a final decision on this.

Ismodes said the government will at least extend the tax incentives until the end of the year.

In addition to being the second largest copper producer in the world, Peru is also the second largest producer of zinc and silver, and the sixth largest gold producer.

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