RE: 12% Tax on Net Income/Profitslike to add something to my last post. After some discussion (with a native speaker and reading another Bolivian source) it seems to us at the German message board that the 12.5% IUM will be subject to progression. Smaller companies probably get a 3% premium on top of the 25% IUE and the bigger sharks like Apex will be charged the whole 12.5%. In the Bolivian source the Minister stated that no further tax changes will be applied. Thus means the max. of 5% ICM will be deductable from the IUE and most probably from the IUM. The ICM has to be considered as a value added tax that is charged timely from the gross proceeds. So to say it a pre-payment of the ICM/IUM.
This is great news and I think a 3 mln oz production won't be subject to the max. of 12.5%...
Art