Budget deficit deepens – MPs demand abolition of royalties for copper and chromium

The gap in the state budget looks set to widen next year due to lack of revenue from the royalty tax. On the eve of the April 25 elections, the Production Activities Commission has proposed the abolition of this tax for the entire group of metal ores, including chromium and copper. Deputies argued their proposal with the effects caused by the Covid-19 pandemic on the minerals sector.

The Ministry of Finance announced the approximate data on the negative effects on the state budget, where for the 4 months of 2019 from the chromium and copper rent were collected 37 million ALL, while for the 4 months of 2020, 10.5 million ALL .

The proposal of the Commission of Production Activities was made during the discussion of the government draft law which initially provided only the exemption from the royalty tax for a 3-year period for metal minerals processed in the country and exported in the form of mineral by-products, such as ferrochrome or concentrates.

SCAN

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