Tax hikes TAX HIKE RISKS US$50B IN INVESTMENTS, PERU CHAMBER SAYS
- National Post
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Peru’s mining chamber lambasted on Monday a government proposal to raise taxes on the sector by at least 3 percentage points, saying it would put more than US$50 billion in future investments at risk in the world’s second-largest copper producer. Peru’s Finance Minister Pedro Francke said on Sunday the government wants to increase mining taxes by three to four percentage points, citing a study from the IMF which gave room to hike levies. The government of leftist President Pedro Castillo has been at loggerheads with mining firms since he came to office in July, pledging to redistribute the Andean country’s mineral wealth and hike taxes to fund social programs. The National Society of Mining, Oil and Energy said Francke’s proposal would “irreparably” damage competitiveness in Peru’s mining sector.