Ecuador Congress OKs Law To Ease Mining Project Taxes

Law360, New York (June 14, 2013, 4:00 PM EDT) -- Ecuador has eased its tax burden on foreign operators of small and midsize mining projects in the Latin American country, passing a bill Thursday to mitigate the impact of its royalty tax on smaller developers.

The law, which was overwhelmingly approved by Ecuador's congress, delays the advent of the so-called windfall tax until companies recover their investment. It also capped mining royalties for gold, silver and copper exports at 8 percent.

Passage of the law is a boon for Ecuador's president, Rafael Correa, a socialist who...
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