Royalties for processed metals are removed – Draft Law: Facilitation for industry due to COVID-19, ALL 500 million less in the budget

“Metal minerals that are processed in the country and exported in the form of mineral by-products, such as ferrochrome or chromium and copper concentrates, will be exempt from the royalty tax for a period of 3 years.” The proposal was made by the government and has already gone to the Assembly for discussion, while the accompanying report explains that it aims to support the metal ores processing industry, which is experiencing a period of deep crisis as a result of the effects of the COVID pandemic. 19, which have caused a decrease in demand and international market prices of metal mining by-products.

The proposed change also aims to incentivize on-site processing, increase investment, employment and a more balanced and sustainable mineral exploitation. The group of metal ores affected by this bill includes chromium and copper. This is the most important group of minerals, representing about 85% of the investments made each year in the mineral industry. Within this group, chromium ore has the largest share with about 80% of investments. The approval of this draft law is foreseen for the 3-year period to bring a negative effect of approximately 500 million ALL to the state budget.

SCAN

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