Amendments to the Mining Code brought in by Law 21420

We highlight:

• The purpose of the Law is to increase tax collection by reducing or eliminating tax exemptions in different sectors of the economy. This increase will be used to improve the quality of life of the elderly by increasing pensions and tax benefits, while at the same time improving the tax system, making it simpler and more equitable.
• To this end, and to establish different forms of financing to guarantee and provide the new Universal Guaranteed Pension, the Law introduced a number of amendments to various regulatory texts, including the Mining Code. These amendments will become effective on February 4, 2023, one year after the publication of the Law in the Official Gazette.
• The main amendments to the Mining Code are related to the duration of mining exploration concessions, changes in the value and calculation method of mining fees, and the incorporation of new requirements for filing possessory actions by mining concession holders, among others.