| WWW.GEOLOGO.COM.BR |
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| Selected Countries Tax System Applicable to Mining Companies (as of 1998) |
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Income Tax |
Income Social Tax |
Dividend (6) Withholding Tx |
VAT incl.imports |
Mineral Export Tax |
Municipal Royalties |
Carried Loss |
Depreciation |
Consolidated Tax Returns |
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| Argentina |
33% |
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none |
21% |
none |
3% |
5 year limit |
straight-line/ or faster |
no |
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| Australia |
36% |
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15% |
0-22% |
none |
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no time limit |
straight-line/ or faster |
restricted (4) |
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| Bolivia |
25% |
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none |
13% |
none |
0.7- 6% |
no time limit |
straight-line/ or faster |
no |
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| Brazil |
25% |
9% |
none |
1-18%(12) |
none |
0.2- 3% |
no time limit (13) |
straight-line/ or faster |
no |
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| Canada |
44-51% (2) |
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10% |
7% |
none |
yes |
7 years (1) |
straight-line/ or faster |
no |
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| Chile |
35% |
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none (11) |
18% |
none |
none |
no time limit |
straight line |
no |
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| Colombia |
35% |
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7% |
16% |
none |
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5 years |
straight line |
no |
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| Ecuador |
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| France |
33.33% (5) |
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15% |
5.5-20.6%(7) |
none |
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5 years(8) |
straight-line/ or faster |
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| French
Guyana |
33.33% (14) |
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15% |
12% (15) |
none |
1% |
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| Mexico |
34% |
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none |
15% |
none |
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10 years |
straight line |
yes (9) |
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| Paraguay |
30% |
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5% |
10% |
none |
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3 years |
straight line |
no |
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| Peru |
30% |
8% |
10% |
16%-18% |
none |
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4 years |
straight-line/ or faster |
no |
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| Venezuela |
67.7% (3) |
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none (11) |
16,50% |
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yes |
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straight line |
no |
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| Russia |
24-20% |
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? |
? |
6.5%(Ag) |
'+4%? |
? |
? |
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| Uruguay |
30% |
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10% |
23% |
none |
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3 years |
straight-line/ or faster |
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| USA |
35%(10) |
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5% |
4-10% |
none |
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20 years (8) |
straight-line/ or faster |
yes |
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| (1) maybe
carried back 3 years |
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(9) restricted to companies with more than 50%
common ownership. |
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| (2) combines
Federal and Provincial/Territorial income tax. |
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(10) plus state and local government income tax
that may reach additional 12%. |
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| (3) bulked with
oil and gas. |
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(11) taxable income applies |
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| (4) restricted
to companies under 100% common ownership. |
(12) less deductions from insumables and
utilities; plus Pis/Cofins at 3.65%. Export zero
rated. |
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| (5) large
companies may pay a surcharge of 15% bringing the effective rate to 41.66%. |
(13) deductions limited to 30% per year. |
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| (6) for
remittance to the UK. |
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(14) ten-year tax holiday may apply in certain
conditions. Rate and rules stable for 25years. |
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| (7) except
imports from EU Member States. |
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(15)
plus 2% on imported goods payable to Chamber of Commerce. |
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| (8) limited
carry back provisions. |
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E Reis Aug 2002 |
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