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Mining Sector Woes

Mining Sector WoesMining Sector Woes

The Iran Mine House, in an open letter to the Guardian Council of the Constitution has requested lifting the mining taxes, passed by the parliament last week, asserting that imposing taxes of any form (including mining rights, royalties, etc.) for the mining sector would lead to the closure of a large number of industries and loss of many jobs. Drawing the Guardian Council’s attention to the multiple hurdles faced by the mining sector in light of the economic problems, the Iran Mine House asked the council to hear the plights of mining organizations before approving the amendments added to Article 10 of the budget bill for the next Iranian year (starting March 21), IRNA reported. The parliament last week approved amendments to Article 10 of the budget bill that calls for all mining companies to pay a percentage of their sales to the treasury, in proportion to their investment on value addition. The law requires the Guardian Council’s approval before coming to effect.

Financialtribune.com