The Commission on Finance of the Mexican Chamber of Deputies approved last week mining law reforms and Fiscal Coordination to establish that mining companies pay an annual fee of 5 percent on net taxable income for all operating concessions; the opinion was referred to the Board of the House for discussion and eventual ratification by the full cameral.
Although the original (PRI) initiative proposed a 4 percent fee, lawmakers determined, in agreement with the Commission of Economy, to increase the rate on the grounds that it did not adequately reflect the economic benefit derived from mining companies.
Moreover, the new fee will be independent of other payments for mining rights if conducted pursuant to the Mining Act itself or Federal Law.
Distribution of the new funds raised will be coordinated by a newly-created Contribution Fund for Regional Development of States and Municipalities by Sustainable Miners, who will receive 70 percent of revenue; 30 percent will be considered federal revenue.
