By James Otto, Craig B. Andrews, Fred Cawood, Michael Doggett, Pietro Guj, Frank Stermole, John Stermole, John Tilton
This ebook includes a wealth of data and research when it comes to mineral royalties. fundamental info contains royalty laws from over 40 international locations. research is finished and addresses problems with significance to varied stakeholders together with executive policymakers, tax directors, society, neighborhood groups and mining businesses. broad footnotes and citations supply a worthwhile source for researchers.
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Extra info for Mining Royalties: A Global Study of Their Impact on Investors, Government, And Civil Society (Directions in Development)
Taxes Sometimes Levied on the Mining Industry, and Their Basis Tax type Basis In rem taxes (unit or value based) Unit-based royalty Ad valorem–based royalty Sales and excise tax Property or capital tax Import duty Export duty Withholding on remitted loan interest Withholding on imported services Value-added tax Registration fees Rent or usage fees Stamp tax Set charge per unit % of mineral’s value (definition of value may vary) % of value of sales % of value of property or capital % of value of imports (usually) % of value of exports % of loan interest value % of value of services % of the value of the good or service Set charge per registration event Set charge per unit area Set charge per transaction or % of value of the transaction In personam taxes (net revenue based) Income tax Capital gains tax Additional profits tax Excess profits tax Net profits royalty or net value royalty Withholding on remitted profits or dividends % of income % of profit on disposal of capital assets % of additional profits % of excess profits % of mineral’s value less allowable costs % of remitted value Source: Author J.
Prior to discovery and the development of profitable production technologies, mineral resources cannot be exploited. It is the quest to create and capture pure rent that provides the incentives for exploration. Geologists scouring the hills for new ore bodies are not looking for marginal deposits; they are searching for bonanzas with all the associated pure rent. Similarly, the search for new technologies that convert uneconomic mineral deposits into valuable ore is driven by the hope of capturing the pure rent such successful innovations create.
Each, including the various forms of royalty, has its own set of advantages and disadvantages with respect to economic efficiency, the division of risks between the state and companies, ease of administration, and other considerations. Economists, for example, often fault royalties that impose a tax on each tonne of metal mined (or the market value of each tonne of metal produced) on the grounds that such taxes introduce inefficiencies in production decisions. For the firm, such a royalty is an additional cost of production.