{"id":3288,"date":"2022-03-15T12:27:56","date_gmt":"2022-03-15T12:27:56","guid":{"rendered":"https:\/\/www.igfmining.org\/stage_new\/building-government-capacity-to-secure-minings-financial-benefits-in-latin-america\/"},"modified":"2023-06-21T17:52:41","modified_gmt":"2023-06-21T17:52:41","slug":"secure-mining-financial-benefits-latin-america","status":"publish","type":"post","link":"https:\/\/www.igfmining.org\/stage\/secure-mining-financial-benefits-latin-america\/","title":{"rendered":"Building Government Capacity to Secure Mining\u2019s Financial Benefits in Latin America"},"content":{"rendered":"<p>Mining is an important economic sector for many countries in Latin America. Sharing the industry\u2019s benefits fairly is crucial to supporting workers, local communities, governments, and building confidence in the industry as well as reducing any negative effects on the environment.<\/p>\n<p>However, from a fiscal perspective, tax base erosion and profit shifting (BEPS) can hinder government revenue collection and reduce the financial benefits flowing from mining, leading to mistrust alongside economic, social, and legal consequences.<\/p>\n<p>Minimizing BEPS risks to revenue and optimizing fiscal benefits are key concerns for mining member countries of the Inter-American Center of Tax Administrations (CIAT), the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), and the Organisation for Economic Co-operation and Development\u2019s (OECD\u2019s) Inclusive Framework.<\/p>\n<blockquote>\n<p>I learned a lot about the advantages and disadvantages of various tax measures for mining.<br \/>\n<span style=\"font-size: 10pt;\">\u2013 Mar\u00eda Mercedes Su\u00e1rez Venegas, Ministry of Economy and Finance, Peru<\/span><\/p>\n<\/blockquote>\n<p>In 2021, these three organizations collaborated to facilitate a <a href=\"https:\/\/www.igfmining.org\/stage\/beps\/resources\/2868\/\" target=\"_blank\" rel=\"noopener\">regional training program<\/a> for more than 236 government officials from 18 countries in Latin America, the Caribbean, as well as Lusophone Africa. The eight-module course covered a wide range of issues and provided space for peers to share their experiences and ideas.<\/p>\n<p>Participants attested the usefulness of the initiative, and their feedback helped the partner organizations understand where more government capacity-building support is needed.<\/p>\n<p>&#8220;I learned a lot about the advantages and disadvantages of various tax measures for mining. This will be helpful when evaluating proposed domestic tax reforms,&#8221; said Mar\u00eda Mercedes Su\u00e1rez Venegas, a tax lawyer at the Ministry of Economy and Finance of Peru.<\/p>\n<p>Over the course of the training, knowledge gaps around mineral pricing and metals streaming contracts stood out as particular areas of concern for participants.<\/p>\n<h3>Participant Testimonials<\/h3>\n<div class='white' style='background:rgba(0,0,0,0); border:solid 0px rgba(0,0,0,0); border-radius:0px; padding:0px 0px 0px 0px;'>\n<div id='slider_3617' class='owl-carousel sa_owl_theme owl-pagination-true autohide-arrows' data-slider-id='slider_3617' style='visibility:hidden;'>\n<div id='slider_3617_slide01' class='sa_hover_container sa_vert_center_wrap' style='padding:5% 5%; margin:0px 0%; '><div class='sa_vert_center'><p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/2CAhHPh-TBk\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p><\/div><\/div>\n<div id='slider_3617_slide02' class='sa_hover_container sa_vert_center_wrap' style='padding:5% 5%; margin:0px 0%; '><div class='sa_vert_center'><p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/V79A1k5Oe7A\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p><\/div><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#slider_3617').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 200,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 200,\n\t\t\tfluidSpeed : 200,\n\t\t\tautoplaySpeed : 200,\n\t\t\tnavSpeed : 200,\n\t\t\tdotsSpeed : 200,\n\t\t\tloop : true,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#slider_3617').css('visibility', 'visible');\n\t\tsa_resize_slider_3617();\n\t\twindow.addEventListener('resize', sa_resize_slider_3617);\n\t\tfunction sa_resize_slider_3617() {\n\t\t\tvar min_height = '50';\n\t\t\tvar win_width = jQuery(window).width();\n\t\t\tvar slider_width = jQuery('#slider_3617').width();\n\t\t\tif (win_width < 480) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 768) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 980) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 1200) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 1500) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t}\n\t\t\tslide_width = Math.round(slide_width);\n\t\t\tvar slide_height = '0';\n\t\t\tif (min_height == 'aspect43') {\n\t\t\t\tslide_height = (slide_width \/ 4) * 3;\t\t\t\tslide_height = Math.round(slide_height);\n\t\t\t} else if (min_height == 'aspect169') {\n\t\t\t\tslide_height = (slide_width \/ 16) * 9;\t\t\t\tslide_height = Math.round(slide_height);\n\t\t\t} else {\n\t\t\t\tslide_height = (slide_width \/ 100) * min_height;\t\t\t\tslide_height = Math.round(slide_height);\n\t\t\t}\n\t\t\tjQuery('#slider_3617 .owl-item .sa_hover_container').css('min-height', slide_height+'px');\n\t\t}\n\t\tvar owl_goto = jQuery('#slider_3617');\n\t\tjQuery('.slider_3617_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.slider_3617_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tvar resize_3617 = jQuery('.owl-carousel');\n\t\tresize_3617.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n\n<h2>Mineral Pricing<\/h2>\n<p>Mining royalties and taxes are usually levied on the value of the mineral produced. It follows that correct pricing is essential for proper revenue collection. However, as participants highlighted, mineral pricing is not always straightforward.<\/p>\n<p>Minerals are sold at various stages of beneficiation, which makes it difficult to determine a market price. And when sales occur between related parties, there is an increased risk of underpricing.<\/p>\n<p>Many minerals hosted by Latin American countries are considered critical for the low-carbon energy transition and as inputs for new technological products. Some, such as lithium, do not have transparent publicly quoted prices for tax administrators to reference. In addition, where there are transparent market prices, such as for copper and bauxite, comparability adjustments are required to reflect mineral grade, quality, and transport costs, which can further complicate matters.<\/p>\n<blockquote>\n<p>This program allows us to improve our capacity to review mining companies.<br \/>\n<span style=\"font-size: 10pt;\">\u2013 Oscar Fernando Trujano Sandoval Tax Administration Service, Mexico<\/span><\/p>\n<\/blockquote>\n<p>Specialized expertise and awareness are critical for tax officials working on mineral pricing, and knowledge gaps can be costly for governments.<\/p>\n<p>In our regional training, we discussed case studies, including a <a href=\"https:\/\/convoca.pe\/investigacion\/juegodeprecios-los-esquemas-oscuros-de-la-gran-mineria-para-reducir-impuestos\">recent example<\/a> involving copper concentrate exports from Peru that cost the government an estimated USD 180 million, to show participants how risks can be avoided and facilitate better practices, even in tax administrations that may be under resourced.<\/p>\n<p>\u201cThe transfer pricing audit team covers many sectors, so this program allows us to improve our capacity to review mining companies,\u201d said Oscar Fernando Trujano Sandoval, a transfer pricing audit administrator with the Tax Administration Service of Mexico.<\/p>\n<h2>Metals Streaming<\/h2>\n<p>Metals streaming is a relatively new practice whereby a developer agrees to sell future mineral products at a discounted price in exchange for an upfront payment.<\/p>\n<p>It is increasingly popular as an alternative to more traditional financing methods, particularly for smaller operators unable to attract funding through equity and debt markets. An estimated <a href=\"https:\/\/www.mckinsey.com\/industries\/metals-and-mining\/our-insights\/streaming-and-royalties-in-mining-let-the-music-play-on\">half<\/a> of all streaming deals are linked to mining projects in the Americas, so it was top-of-mind for many training participants.<\/p>\n<p>Officials pointed to a lack of knowledge and available resources on taxing metals streaming transactions, despite their growing prevalence in the region. Many administrations struggle with characterizing the various payments related to streaming: Are they financing agreements or mineral sales? What is the tax treatment of the upfront payment? And how should the government calculate revenue from the sale of discounted minerals to a financier?<\/p>\n<blockquote>\n<p>The mineral streaming module helped me to delve into relevant aspects of a challenging subject for us as auditors.<br \/>\n<span style=\"font-size: 10pt;\">\u2013 Patricia Sep\u00falveda Garc\u00e9s, Internal Revenue Service, Chile<\/span><\/p>\n<\/blockquote>\n<p>Participants studied the case of the San Dimas mine in Mexico, where the owner sold future silver production to a financier at the discounted rate of USD 4.00 per ounce. In this case, an advance pricing agreement between the mining company and government ensured taxes payable would not be calculated based on market price but on <a href=\"https:\/\/www.firstmajestic.com\/investors\/news-releases\/first-majestic-responds-to-inaccurate-media-reports-and-provides-update-on-tax-dispute-with-the-government-of-mexico\">the company\u2019s realized revenue<\/a> from mineral sales, including the silver stream sold at a discount. This led to an ongoing tax dispute between the company and government and illustrates the complexity of taxing revenues under metals streaming contracts.<\/p>\n<p>While metals streaming contracts are typically between independent parties, government officials indicated that they are increasingly seeing related-party streaming arrangements. This raises the potential for transfer pricing risks as well as the need for more specialized capacity in tax administrations.<\/p>\n<p>\u201cThe mineral streaming module helped me to delve into relevant aspects of a challenging subject for us as auditors due to the complexity of this type of contract,\u201d said Patricia Sep\u00falveda Garc\u00e9s, a mining sector tax auditor with the Internal Revenue Service of Chile. \u201cWe will bring this knowledge to our audit team.\u201d<\/p>\n<h2>By the Numbers<\/h2>\n<ul>\n<li>236 government officials<\/li>\n<li>18 countries represented<\/li>\n<li>50% women participants<\/li>\n<li>82% reported increased knowledge<\/li>\n<li>90% reported increased capacity<\/li>\n<li>93% average participant retention between modules<\/li>\n<\/ul>\n<p>Participant opinions quoted in this blog do not represent the official position of their affiliated agencies. For more information, contact us at <a href=\"mailto:GArias@ciat.org\">garias@ciat.org<\/a>, <a href=\"mailto:secretariat@igfmining.org\">secretariat@igfmining.org<\/a>, or <a href=\"mailto:CTP.Communications@OECD.org\">ctp.communications@oecd.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Knowledge gaps related mineral pricing and metals streaming stood out during our training on tax and fiscal issues for government officials in Latin America and the Caribbean.","protected":false},"author":1,"featured_media":2840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"footnotes":""},"categories":[1],"tags":[40],"class_list":["post-3288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-financial-benefits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Building Government Capacity to Secure Mining\u2019s Financial Benefits in Latin America - 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