Timeline of 2011 global tax changes affecting metals, mining companies

Timeline of global tax changes proposed or passed in 2011, affecting metals and mining companies:

January 2011:

• Iran introduces taxes on exports of iron ore concentrate and iron ore pellet of 50% and 35% respectively.
• China removes its 50% rebate on 17% VAT tax on scrap metal.

February 2011:

• India announces an increase in export duties on iron ore to 20% for lumps and fines, from 15% and 5% respectively.

March 2011:

• The UK will impose a carbon floor price in 2013 at £16 ($25) per tonne of carbon produced, and aims to increase it to £30 per tonne by 2020.

April 2011:

• Zimbabwe reinstates a chrome export ban and increases fines to 20% from 15%.
• China raises its resource tax on rare earth sales to 0.40-0.60 yuan (0.06-009) per tonne from 0.30-0.40 yuan per tonne.
• China imposes a new split-rate tax on rare earths, with light rare earths mining taxed at 60 yuan per tonne, while heavy rare earths are taxed at 30 yuan per tonne.

May 2011:

• Vietnam raises its iron ore export tax to 40% from 30%.
• Brazil cuts its heavy plate import duty to 2% from 12%.
• Western Australia will hike iron ore royalties from 2013 to 7.5% from 5.625%.

July 2011:

• Western Australia introduces a 5% royalty on magnetite concentrate.

August 2011:

• Peru wants to pass new legislation to implement a profit-based tax to replace the current system of royalty tax between 1% and 3%. The exact rate is not yet disclosed.
• Namibia introduces a 2% levy on exports of unprocessed minerals, while also proposing a windfall tax and royalty payments to be introduced in 2012. 

September 2011:

• Philippines proposes a 5% royalty on mining activities.
• Indonesia talks about an export tax on certain minerals before a complete export ban in 2014.

October 2011:

• China raises its resource tax on coking coal to 8-20 yuan ($1.25-3.12) per tonne from 0.3-5 yuan per tonne since 1993.

November 2011:

• Australia will impose a 30% tax on profits on all iron ore and coal mining projects, starting from July 2012.
• Australia passes a carbon tax, setting it at a fixed rate of A$23 ($23.20) per tonne on the top 500 polluters from July 2012, then moving to an emissions trading scheme from July 2015. Companies involved will need a permit for every tonne of carbon they emit.
• Zimbabwe raises mineral royalties for gold and platinum to 7% and 10% from 4.5% and 5% respectively.
• China proposes a tax rebate on cobalt exports.
• Zambia doubles copper and other metals royalties to 6% from 3%, and increases precious metals royalties to 5%.

December 2011:

• Tanzania seeks higher gold royalties, to 4% from 3%.
• From 2012, Ghana will increase its corporate tax rate to 35% from 25%. It will also start charging a 10% windfall tax on mining companies.
• Emirates Steel is working closely with the Abu Dhabi government to impose an additional 5% customs duty on rebar imports into the UAE.