Chilean Parliament approves an increase in the specific tax on large-scale copper mining

The Chilean Chamber of Deputies approved this Wednesday a bill that establishes an increase in the specific tax on large copper mining that will mean an increase in royalties to the Chilean State.

“The mining royalty will be a law! Thanks to a transversal agreement, we approved a bill that will allow a better distribution of the wealth that we generate among all of us”, said the President of Chile, Gabriel Boric, this day after the bill’s approval.

“We are making progress in decentralization and the delivery of more resources for all the regions of Chile”, added the President.

For his part, the Minister of Finance, Mario Marcel, added that this law would allow the State to increase its participation in the economic income from copper mining and, on the other hand, to distribute a third of these resources to all the regions of the country, to the communes most affected by the mining activity in their territory.

“And to 302 communes of lesser resources and greater dependence on the Municipal Common Fund. The riches of copper will be able to be shared both by those who host the operations and by communities throughout the country”, he pointed out.

The bill, which was approved last week by the Chilean Senate, was ratified this day in the Chamber of Deputies with 101 in favor, 24 against, and 3 abstentions.

The bill established a new taxation that will increase the sector’s contribution to fiscal revenues and allocate a portion of the collection of 450 million dollars to the productive development of the regions and municipalities of the southern nation.

After approval in both chambers of the Chilean Parliament, it only needs to be enacted by the President to become law.

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