The Ministry of Economy regulates the implementation of the canon for mining activity to exploit mining deposits, in line with the provisions of the Budget Law.
The Ministry of Mining Ministry of Economy regulates the implementation of the annual fee for membership in the mining activity, What is the amount to be paid by the companies to the State for the right to explore and exploit mineral depositsand set the annual values of the same.
The update, according to the Resolution 90/2023, published this Thursday, July 13 in the Official Gazette, responds to the fact that the amount set for this fee suffered a significant deterioration over time, leading to a mismatch with respect to the ore cost in the mouth of mine and the industry itself.
Consequently, the Budget 2023approved by Law 27,701 of the National Administration, modified Article 213 of the National Mining Codeempowering the Mining Secretariat to update the amounts corresponding to the annual fee for membership, according to the interannual variation of the Consumer’s price index (IPC) prepared and published by the National Institute of Statistics and Censuses (INDEC).
Consequently, the rule issued this Thursday regulates the procedure to update the amounts corresponding to the annual fee in order to operationalize the application of the provisions of the National Mining Code, which provides that Ministry of Mining will update the value of the annual fee for membership through a resolution issued in the month of December of each year.
Likewise, the Directorate of Federal Mining Affairs will prepare a technical report that establishes the worth to which the canon must be updated according to inflation.
The value of the annual canon that is set by the resolution of the Ministry of Mining It will be applicable for the fiscal years that begin after each update.. Once the administrative act has been issued by the Ministry of Mining, the updated canon value will be published on its website.
The resolution of the Ministry of Mining resolves the following:
- The Ministry of Mining will update the value of the annual membership fee through the issuance of a resolution issued in the month of December of each year.
- The Directorate of Federal Mining Affairs will prepare a technical report that establishes the value to which the canon must be updated. according to the interannual variation of the Consumer Price Index (CPI) prepared and published by the National Institute of Statistics and Censuses (INDEC).
- The value of the annual canon that is set by the resolution of the Ministry of Mining will be applicable for the fiscal years that begin after each update.
- Once the administrative act has been issued by the Ministry of Mining, the updated canon value will be published on its website.
Source: Ambito
