Honduras closes in on new mining law that aims at 44 percent tax
Honduran legislators will today renew debate on a new mining law that aims to tax 44 percent of companies' revenues, said Arnoldo Avilés, chairman of the Congressional Mining Commission.
Monday, July 21, 2008
"We've been reaching a consensus over the new law during the last year and a half, and by now all its major parameters are in place," Avilés said.
The new mining law is not progressing in Congress as mining companies and environmentalists fail to reach a consensus.
Congress has approved a new mining law which eliminates all tax shields for mining companies.
In the face of mounting interest to attract investments, congress is revisiting the debate on the new Mining Act.
Draft legislation presented by the Ministries of Economy and Environment has temporarily suspended procedures related to exploration and metal mining.
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