Loading ...Indonesia to cut mineral export tax if miners pay smelter bond- official
The move will allow mining companies to restart exports even if they have yet to complete smelters that would allow them to process more ore on Indonesian soil.
“If you want to build a smelter then you’re eligible for a lower tariff for the concentrate export tax,” fiscal policy chief Andin Hadiyanto told Reuters, adding that no export tax would apply to finished metals.
The change comes six months after the government imposed a controversial escalating tax on shipments that brought copper exports to a halt. The tax was intended to force miners to develop smelters and mineral processing facilities and part of a government push to derive bigger returns from Indonesia’s mineral resources.
The new rate would be less than 10 percent, and scale down to zero as a firm’s smelter construction progresses, Hadiyanto said, while miners that did not have smelter projects in the works will remain subject to the escalating tax rate of up to 60 percent.
http://finance.yahoo.com/news/indonesia-cut-mineral-export-tax-113801241.html