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:

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:

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.
What to read next
Fastmarkets proposes to extend the shipment window of its alumina index inferred, fob Brazil, to allow for greater inclusion of reported liquidity, and to increase the frequency of publication to weekly.
Following a month-long consultation period, Fastmarkets has amended the methodology for the bi-weekly assessment of the aluminium P1020A main Japanese ports (MJP) spot premium, to include domestic tenders and deals from the Japanese market.
Fastmarkets proposes to discontinue its ferrous scrap consumer buying price for cast iron borings in Pittsburgh due to a lack of liquidity.
Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 busheling in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.
A drive by electric vehicle (EV) manufacturers to improve the affordability of their cars may upend an expectation by some market observers that future EV dominance of automotive production will sharply reduce demand for special bar quality (SBQ) steel
The publication of Fastmarkets’ US rebar prices took place earlier than scheduled on Wednesday March 22 due to a reviewer error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.