ICMM members paid over $23 billion in taxes in 2020 — report

The newest report, produced by PwC, discovered that between 2013 and 2020, ICMM members paid greater than $185 billion – comprising company revenue tax of $119.1 billion and royalties of $66.4 billion – to tax authorities internationally.

The ICMM additionally experiences its members have dedicated anew to reveal all mineral improvement contracts from January this yr, wherever they function. The dedication represents a major step up in mineral useful resource governance commitments by about one-third of the worldwide mining and metals trade.

The brand new dedication requires members to reveal contracts they’ve dedicated to, what taxes they have to pay and when funds are due. Members are additionally inspired to reveal mineral improvement contracts granted or entered earlier than that date, the ICMM said.

This new dedication builds on ICMM’s current membership requirement on moral enterprise practices and sound methods of company governance by way of the disclosure of tax and royalties as set out in ICMM’s mining rules.

It kinds a part of the ICMM’s Transparency of Mineral Revenues Place Assertion, representing a management place aligned to the Extractive Industries Transparency Initiative (EITI). This group addresses important governance points within the extractive sectors.

“Contract and tax transparency are two important elements of a protected, truthful and sustainable mining and metals trade, representing two sides of the identical coin,” stated ICMM CEO Rohitesh Dhawan in a media launch.

“The previous permits residents to grasp what ought to have been paid, and the latter permits them to see what has really been paid. Underpinning that is constant, clear disclosure, which is why ICMM has additionally revealed its annual tax contribution report for 2020.”

EITI chair, Helen Clark, welcomed the contract disclosure dedication by ICMM members, noting such disclosure had been a requirement for EITI-implementing international locations since January 1, 2021.

“With each international locations and firms now committing to their publication, we hope to see accelerated progress on this very important space of transparency. Publishing contracts is a robust weapon towards corruption, enabling contracts to be in contrast, and making a degree enjoying area for enterprise,” stated Clark.

“Transparency incentivizes governments to rearrange truthful contracts with respected corporations, drafted in a means that’s according to the nation’s authorized framework and deters officers from concluding contracts which can be disadvantageous or lead to private acquire. Within the power transition context, contract transparency may even allow governments and stakeholders to evaluate how the extraction of uncooked supplies will affect their potential to succeed in local weather change targets.”

Oxfam Extractive Industries World Program affiliate director Maria Lya Ramos added that if residents of resource-rich international locations might scrutinize the selections made by governments on their behalf, these selections would extra doubtless be to their profit.

The IMCC has 28 mining and metals firm members and over 35 nationwide, regional and commodity affiliation members.

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Written by colin


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