Mining Giants Agree to Disclose Contracts, Taxes
- December 10, 2021
- Posted by: Quatro Strategies
- Category: Mining
The International Council on Mining and Metals (ICMM) said its members agreed to disclose all mineral development contracts and related taxes from January 2021. The council’s 29 members include the two biggest miners of the world, BPH and Rio Tinto.
To improve transparency across industries, regulators worldwide have been looking to increase oversight of how much tax the public companies pay. In October, 136 nations agreed to implement a 15% minimum tax rate to big companies, making it harder for them to avoid taxation.
The ICMM also stated that its members paid a sum of $23.7 billion in taxes in 2020, a 5% increase from 2019.
Making contracts and related taxes public could decrease corruption and create a fairer competition between businesses. Mining companies occasionally face corruption, political instability and unclear regulations in some resource rich countries they operate. Therefore, business in those countries are investigated more closely by international authorities.
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