RE: Miners grapple with rising taxanother brillant piece of Reuters country bashing of Bolivia. The whole article is peace of crap and misleading. Nothing has been said about a general tax of 50% for the Bolivian mining industry.
The 50% were mentioned by a Union Leader in conjunction with the new decree as of 1st of May. COMIBOL should get a 50% of new concessions issued to foreign investors. Nothing is said about a general tax raise and as I said before "this is just a proposal by a Comibol friendly workers union. Of course no new investor will accept 50% in taxes.
Don't know what drives Reuters to spread such information but they will have their reasons - that for sure.
Should read this:
https://translate.google.com/translate?u=http%3A%2F%2Fwww.redbolivia.com%2Fnoticias%2FEconom%25C3%25ADa%2F51730.html&langpair=es%7Cen&hl=en&ie=UTF8
The COD orureña assures that COMIBOL must benefit with more from 50% of the mining operation
APG the News
Mayo 14, 2007, 12:00 EDT
Oruro, Bolivia -- By means of a document the Departmental Workers Union of Oruro (COD), assures that the Mining Corporation of Bolivia (COMIBOL) must benefit with more from the 50 percent of the utilities by concept of the operation of the mining deposits in Bolivia.
With the declaration of mining fiscal reserve the Bolivian territory, will be allowed to make agile the refundación of the COMIBOL.
The COD of Oruro planted the government who all the mining concessions happen to be able of the COMIBOL so that from it the concessionaires subscribe with the state organization new contracts, where the COMIBOL benefits with a greater percentage to the 50 percent of the net utilities.
The document adds that the proposal is custom-made of the present government who have commitments with the company deprived on the respect to the praised/poured off one and cheating legal security, daily reason for the lamentation of the industralists and cooperativistas by its supposed nonexistence.
The Supreme Decree of Fiscal Reserves of all the mining deposits of the country means a positive step and important that it is due to defend and does not have to conclude in a simple decree, but on the contrary to rise to law rank because the few beneficiaries of the present mining policy surely whom they will demand of inconstitucional to the mentioned disposition of the Executive, although are endorsed by article 136 of the Political Constitution of the State.
For the leaders of the COD orureña only the COMIBOL can reactivate the mining in Bolivia and advance towards its industrialization that must be a high-priority objective to do in front of any landslide of the price of minerals.