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Our research compares the fiscal regimes of 104 mining projects across 21 countries and is the first large-scale, systematic attempt to compile tax incentives used by developing country governments to attract mining
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14.04.2013However, as the fiscal regime was designed to attract investment into a declining, high-risk sector, mining tax revenues were only 4 percent of total fiscal revenues in 2007, and several mining communities were not satisfied with their benefits from the mining operations.
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04.07.2016Officials must preserve mining revenues to fund the budget and avoid further mine closures and a drop in investment in the sector. In response to this challenge, the government has proposed a new tax regime as part of the 2017 budget. The regime contains three significant changes: removal of the 9 percent royalty on copper
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04.12.2020The amount of wage income tax is $40 ($400 * 10%) Yendi is not a tax resident of Timor-Leste. Despite the fact that his monthly tax is below the tax-free threshold, his employer is required to withhold 10% on his total wage because he is not a tax resident of Timor-Leste. Under the TDA, some employees are exempt from wage income tax
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In East Timor, three political parties formed with different views about the way forward. 1. The left-wing Fretilin (Frente Revolucionria de Timor-Leste Independente) wanted independence. 2. The Apodeti (Associao Popular Democratica Timorense) wanted integration with Indonesia, and were anti-Fretilin. 3.
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operations determines which tax regime applies. The principal Timor-Leste taxes and rates applicable to contractors in the petroleum industry are outlined in the table below. Contractors are persons with an interest in a PSC. Tax Timor-Leste Exclusive Area JPDA Non-Annex F PSCs Annex F PSCs Bayu-Undan EKKN Greater Sunrise Corporate
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From a taxation point of view, Timor Lest (formerly known as East Timor) fell under the umbrella of Indonesia's tax regime from 1975. On 30 August 1999, Timor Lest elected to "begin a process of transition towards independence".
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Citizens line up to vote at a polling station in East Timor, 30 August 1999. (Rob Mills, AWM P03407.122) After the majority voted for independence, pro-Indonesian militias burnt houses, looted, threatened and killed civilians. By
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Explore our expert resources for international tax planning and compliance. Find the detailed reports, expert insights, and practical guidance you need to stay informed – from the foreign tax credit and transfer pricing to the base erosion and anti-abuse tax and more – on our International Tax Resources Hub. Visit Hub.
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09.09.2022There are no taxes on property in Timor-Leste. Transfer taxes There are no transfer taxes in Timor-Leste. Stamp duties There is no stamp duty in Timor-Leste. Payroll taxes An employer paying taxable wages shall withhold Wage Income Tax (WIT) at a rate of 10% from those wages and remit the WIT on a monthly basis.
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Withholding Tax Timor Leste Ministry of Finance . The withholding tax rate for income paid to non residents without a permanent establishment in Timor Leste is 10 Rent Payments payer withholds the tax unless payer of rent is an individual All rent payments are subject to withholding tax which is required under the law to be withheld and remitted by the payer Section 55 Taxes and Duties
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Other Sectors. In Timor-Leste's, non-oil economy only accounts for 21% of GDP. Agriculture plays a very important role in Timor's economy, employing more than 50% of the population. Given then country's natural beauty, culture and heritage tourism is seen as a critical sector to future economic development – a goal to be achieved by
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Although Indonesia's investment approval and mining tax regimes are relatively straight forward, care must be taken in structuring an investment in the mining industry. The reasons for this include: • A company can be party to only one CoW. The "one company, one COW" rule, together with the fact that there is no group relief for income tax purposes,
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09.09.202212% of the excise value. Arms and ammunition. 200% of the excise value. Motor cars and small passenger vehicles (with an excise value exceeding USD 70,000) 35% of the excise value. Private boats and aircraft. 20% of the excise value. Note that the excise value of excisable goods imported into Timor-Leste is the total of the customs value and
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Sep 02 2017 Australia and East Timor have reached a breakthrough agreement on a maritime border ending a decade old row between the two nations that has stalled a 40 billion offshore gas project . View more. Telkomcel Telecommunication Company Dili 42 Reviews . Telkomcel Dili 48 605 likes 10 567 talking about this 413 were here The
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16.11.2022Issue 2022-29. In brief. On November 3, 2022, the federal government released the 2022 Fall Economic Statement, as well as updated draft legislation for the proposed excessive interest and financing expenses limitation (EIFEL) rules.. Most notably, the revised draft legislation defers the effective date of the rules, to taxation years beginning after September 30, 2023.
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12.11.2022Less freedom for Indonesia's internet. 12 November 2022. Author: Rainer Heufers, CIPS. Indonesian lawmakers have been alarmed by the freedom of data flows and opinions in the quickly emerging digital sphere. They issued a law on electronic information and transactions in 2008. Its 2016 revision, criminalising online immorality, defamation
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18.11.2022A bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 that would legalize cryptocurrency mining and the sale of the cryptocurrency mined. Cryptocurrency cannot currently be used for settlements in Russia. The proposed law reads, "Digital currency obtained as a result of mining can be disposed of by []
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31.08.2020While revenue stability should be given priority when designing the mining tax regime in mineral-dependent economies, reality is that taxation instruments that ensure revenue stability tend to be highly economically inefficient and inequitable. While a large body of literature is dedicated to possible strategies to overcome the revenue instability effect of the boom and
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18.11.20227.19 Under Australia's opt out regime, Trading Ltd v Allco Finance Group Ltd (rec and mgr apptd) (in liq) (No 3) (Allco) and Earglow Pty Ltd v Newcrest Mining Ltd (Earglow). 7.52 These judgments indicate a trend towards a greater degree of judicial scrutiny of litigation funding fees during settlement. They also reveal a reform in the
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Fiscal Decentralization and Mining Taxation Professor James M. Otto Abstract Mineral sector reform efforts have been initiated in many nations during the past decade. These efforts have resulted in new mining regulatory regimes in over 100 nations. As part of the reform process most nations have revisited the subject of mineral sector taxation, and the mix of taxation
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In accordance with the Decree Law on the establishment of the ANPM, the Timor-Leste Petroleum Activities Law, Maritime Boundary Treaty and the Mining Code, ANPM is responsible for managing and regulating petroleum and mining activities in Timor-Leste's exclusive offshore and onshore areas and in the Greater Sunrise Special Regime area.
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04.07.2019Medium-scale mining operations are subject to a presumptive tax regime, under which the taxable income of the period is presumed to be a certain percentage of their net sales, being subject
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Package 2+: Mining Taxes. Package 2+ of the Comprehensive Tax Reform Program includes proposed reforms on mining and sin taxes. Both proposals complement the enacted TRAIN law to generate additional revenues; make the tax system simpler, fairer, and more efficient; and align with President Duterte's priority programs on social and
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Taxation All businesses operating in Timor-Leste must obtain a Tax Identification Number. Timor-Leste levies: income services petroleum import duty sales and excise taxes. Information about taxation is available from the Timor-Leste Ministry of Finance. Free Trade Agreements
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22.02.1991Overview of the case. On 22 February 1991, Portugal filed an Application instituting proceedings against Australia concerning "certain activities of Australia with respect to East Timor", in relation to the conclusion, on 11 December 1989, of a treaty between Australia and Indonesia which created a Zone of Co-operation in a maritime area
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01.09.2018These include three central fiscal instruments: (i) royalties; (ii) CIT; and (iii) additional profits tax (i.e. taxation of resource rent). These regimes provide a good model for other PIS currently considering the implementation of a DSM mining fiscal regime.
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02.10.2015• government as "owner of the minerals" will get 10% of a miner's gross revenues or 55% of "adjusted net mining revenues" (anmr: gross rev. less production and other deductible costs but not to exceed 10% of direct mining, milling and processing costs), whichever is higher; and 60% of any windfall profit (in case the "anmr margin" -- anmr
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14.06.2017NEW DELHI -- Across India, retailers are slashing prices of everything from electronic gadgets to home furnishings by as much 90% before a new tax regime takes effect on July 1. Croma, one of the
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Indonesia Mining Industry Fiscal Regime Analysis including Governing Bodies, Regulations, Licensing Fees, Taxes and Royalties, 2022 Update provides a comprehensive coverage on Indonesia's mining fiscal regime. The report provides country's overview with macroeconomic performance, corruption index and mineral overview. It also provides a comprehensive
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23.02.2016Recent changes to mining tax regime under the PF Government includes increase of mineral royalty rate to 6% from 3% and subjecting export of mineral ores, concentrates and semi-processed metals to 10% export duty The above measures and increase in mineral production have contributed to increase in mining revenue to the Treasury
Get Price WhatsAppAug 24, 2021 Specific provisions for the taxation of petroleum operations include a personal income tax (PIT) rate of 30% for residents or 20% for non-residents. Special tax regime for the Joint Petroleum Development Area (JPDA) The JPDA is a geographical area in the Timor Sea known to be rich in hydrocarbon deposits. Get Price
Get Price WhatsApp07.05.2017Yet, despite the sector's significant contribution, companies such as Rio Tinto and BHP Billiton which are operating in the country are required to pay 30% corporation tax – a higher rate than in other major mining jurisdictions such as Canada (26.7%) and Chile (24%) – plus state and territory royalties.
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Mining tax regime. Description: Rate/Remark: Foreign Ownership allowed: 100%: Compulsory government share: No: Foreign Exchange Controls: Limited: Tax stability agreements: None: Corporate tax rates: 32% – 55%: Corporate tax for non-mining companies: 32%: Corporate tax for diamond mining: 55%: Corporate tax for non-diamond mining: 37.5%: Royalties on rough
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An innovative database on the taxation of mining industries in Africa has been put online on the Ferdi website, in partnership with Cerdi and ICTD. This database covers 21 sub-Saharan African countries over a period that varies
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Taxes on mining activities Surface fees: From US$5 to US$40,000 per square kilometer per year depending on the type of metals B. Fiscal regime The mining and metals industry in Burkina Faso is governed by the Burkina Faso General Tax Code, the Burkina Faso Mining Code (issued on 8 May 2003) and the UEMOA (West African Economic and Monetary Union) Mining Code
Get Price WhatsAppPetroleum Development of Timor Sea (Tax Stability) Law N. 4/2003, Published in Jornal da Repblica of 1st July 2003 (Translated version. For your reference, always compare to the Oficial version published in Jornal da Repblica in Portuguese, available in this website) 18.06 KB. 01 of April of 2003. Timor Sea Treaty - Between the Government of East
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Taxes on mining activities Surface fees: From US$5 to US$40,000 per square kilometer per year depending on the type of metals B. Fiscal regime The mining and metals industry in Burkina Faso is governed by the Burkina Faso General Tax Code, the Burkina Faso Mining Code (issued on 8 May 2003) and the UEMOA (West African Economic and Monetary
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An innovative database on the taxation of mining industries in Africa has been put online on the Ferdi website, in partnership with Cerdi and ICTD. This database covers 21 sub-Saharan African countries over a period that varies according to the availability of information in each country but can go back to the 1980s.
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IMF proposes tax regime for East Timor. Feb 25, 2000 0183 32 IMF proposes tax regime for East Timor February 25, 2000 Web posted at 6 38 pm HKT 1038 GMT From staff and wire reports DILI, East Timor CNN --Goods entering East Timor will soon be subjected to a 5 percent import duty and sales tax up to 15 percent under a new tax plan announced Friday by the
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