Piñera ready to present 700m/1bn USD mining royalty bill
After many negotiations and discussions, the Chilean government’s set deadline for a new mining royalty bill is here. This week, the Chilean government will present its bill before Congress - with or without the much awaited proposal by the opposition parties.
The government seeks passage of the new royalty law before the Bicentennial holidays and also hopes raise mining security standards after the catastrophe suffered by the 33 miners in northern Chile. The increased royalty tax income will be used to help earthquake reconstruction efforts.
If the bill is not approved before the end of September, the new royalty will not be implemented until 2012.
The government’s new royalty tax, if passed, will generate between US$700 million and US$1 billion in revenue. Thirty percent of the revenue will go to the Fund for Regional Development and to Shared Municipality Fund.
This bill is a part of the 21 plans first presented by the President in his address to the country the past May, all of which had clear short-term objectives that are to begin their development at around the time of the Bicentennial.
By Ricardo Pommer – Santiago Times
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Where did I read about a Woman President doing the same in a neighbour country?
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