{"id":4967,"date":"2023-09-26T14:50:42","date_gmt":"2023-09-26T14:50:42","guid":{"rendered":"https:\/\/www.igfmining.org\/?p=4967"},"modified":"2023-10-15T14:36:33","modified_gmt":"2023-10-15T14:36:33","slug":"mining-fiscal-tools-simplicity-participation-fairness-compensation","status":"publish","type":"post","link":"https:\/\/www.igfmining.org\/stage\/mining-fiscal-tools-simplicity-participation-fairness-compensation\/","title":{"rendered":"Mining Fiscal Tools Should Offer Simplicity, Participation, Fairness, and Compensation"},"content":{"rendered":"

As an international consensus around the energy transition pushes demand for more minerals, policy-makers are looking for new taxation, royalty, and other fiscal measures to ensure financial benefits from mining are shared equitably in the coming years.<\/p>\n

Collecting revenue from mining often requires sector-specific knowledge and capacity to assess complex operations and cross-border transactions. These challenges can be especially costly for developing countries with limited expertise and administrative capacity. In Africa, countries lose an estimated USD 470 to 730 million<\/a> in annual mining revenue from tax avoidance by multinational corporations.<\/p>\n

Policy-makers recently gathered at the Global Conference on the Future of Resource Taxation<\/a>. During the event, officials from disparate nations shared experiences about the difficulties of revenue collection in mining. For example, many expressed a need to reduce their reliance on corporate income tax, which is vulnerable to profit shifting\u2014a practice whereby multinationals move profits from high-tax to low-tax jurisdictions via transactions between related parties. Mineral pricing is another widespread challenge for agencies tasked with assessing the true value of various mineral products for the purposes of revenue collection.<\/p>\n

Highlights from the Global Conference on the Future of Resource Taxation<\/h6>\n
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