The News
The News
Wednesday 24 of February 2021

PRI: Taxes Drive the Mining Industry From Mexico


Peñasquito Mine in Zacatecas one of the most important in Latin America,photo: Cuartoscuro
Peñasquito Mine in Zacatecas one of the most important in Latin America,photo: Cuartoscuro
The lawmaker also claimed that tax authorities must be aware of this issue and act accordingly to aid the mining industry

The past two years have seen over 200 mining companies leave Mexico due to the lack of tax deductibility of exploration costs and the surge of new taxes, according to Institutional Revolutionary Party (PRI) deputy Susana Corella Platt.

“Tax deductibility was removed because companies itemized exploitation as part of exploration in tax statements,” said Corella Platt.

She pointed out that fines or warnings should be sent to companies who engage in such practices instead of removing the option of tax deductibility.

The lawmaker also claimed that tax authorities must be aware of this issue and act accordingly to aid the mining industry — which is one of the top sources of revenue in the country. The safety and wellbeing of mining workers and incentives for the industry are one of the main commitments of Mexican legislators.

Corella Platt also said that meetings will take place before Dec. 15 with the Mexican Mining Chamber (Camimex) and the Agricultural, Land and Urban Development Secretariat (Sedatu) to settle concerns regarding the Income Law.