Albany, NY -- (SBWIRE) -- 09/18/2014 -- Synopsis:

Timetric's Colombian fiscal regime report covers the governing bodies, law, mining concessions and tax-related information on five commodities: iron ore, copper, gold, nickel and coal.

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Executive summary:

The Ministry of Mines and Energy regulates mining activities in accordance with laws issued by the Government. The Mining Code (Law 685) issued in 2001 is the main law for the mining industry in Colombia. Its main objective is to promote the public interest regarding the technical exploration and exploitation of mineral resources, both of state and private property.

Scope:

The report outlines Colombia’s governing bodies, law, mining concessions and key fiscal terms which includes Royalty, Surface Fee, Corporate Income Tax, Capital Gain Tax, Corporate Income Tax for Equality (CREE), Depreciation, Withholding Tax, Loss Carry Forward, Value Added Tax, VAT.

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Reasons to buy:

Gain an overview of Colombia's mining fiscal regime.

Key highlights:

El Ministerio de Minas y Energía (The Ministry of Mines and Energy) regulates mining activities according to the laws issued by the Government. The Ministry has assigned several mining-related powers to national and departmental authorities.

The Colombian Geological Service is an entity under the Ministry of Mines and Energy responsible to conduct research in respect of subsoil resources to evaluate their potential.

The Mining Code (Law 685) issued in 2001 is the main law for mining industry in Colombia. Its main objective is to promote public interest technical exploration and exploitation of mineral resources of state and private property.

According to Codigo de Minas (The Mining code) passed in 2001, the rights to explore and exploit mining reserves would be granted through a Concession Agreement for a period of 30 years.

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