Venezuela’s Mining Fiscal Regime: H1 2014

The country’s mining industry is governed by the Ministry of Popular Power for Oil and Mining (Ministerio del Poder Popular de Petróleo y Minería) and the Ministry of Popular Power for the Environment (Ministerio del Poder Popular para el Ambiente). The Mining Law (Decree No. 295 of September 5, 1999) is the main law which governs and regulates these activities in the country.

Scope

The report outlines Venezuela’s governing bodies, governing laws, Ownership and licensing types, mining rights and key fiscal terms which includes Royalty, Depreciation, Corporate Tax, Capital Gain Tax, Withholding Tax, Loss Carry Forward, and Value Added Tax.

Key Highlights

• The Ministry of Popular Power for Oil and Mining (MPPM) is the main regulatory authority for all petroleum and mining-related operations.

• The Ministry of Popular Power for the Environment (MPPA) is responsible for managing environmental laws.

• The Mining Law (Decree No. 295 of September 5, 1999) is the applicable law which governs and regulates activities related to the mining industry in Venezuela.

Reasons to buy

Gain an overview of Venezuela's mining fiscal regime.

Companies mentioned

Table of Contents

1 Executive Summary 1

2 The Venezuelan Mining Industry – Governing Bodies 5

2.1 Ministry of Popular Power for Oil and Mining (Ministerio del Poder Popular de Petróleo y Minería) 5

2.2 Ministry of Popular Power for the Environment (Ministerio del Poder Popular para el Ambiente) 5

3 The Venezuelan Mining Industry – Governing Laws 6

3.1 The Mining Law 6

3.2 The General Regulations of the Mining Law 6

4 The Venezuelan Mining Industry – Ownership and Licensing Types 7

4.1 Ownership 7

4.2 Licensing Types 7

5 The Venezuelan Mining Industry – Rights 8

5.1 Rights 8

5.1.1 Mining rights 8

5.1.2 Rights of easement and expropriation 8

6 The Venezuelan Mining Industry – Key Fiscal Terms 9

6.1 Royalty 9

6.2 Depreciation 9

6.3 Corporate Tax 9

6.4 Capital Gains Tax 9

6.5 Withholding Tax 9

6.6 Loss Carry Forward 9

6.7 Value Added Tax (VAT) 9

7 Appendix 10

7.1 What is this Report About? 10

7.2 Methodology 10

7.3 Secondary Research 10

7.4 Primary Research 10

7.5 Contact GlobalData 11

7.6 About GlobalData 11

7.7 GlobalData’s Services 12

7.8 Disclaimer 13

List of Tables

Table 1: The Mining Industry in Venezuela – Fiscal Regime Terms and Other Taxes, 2014 1

Table 2: The Mining Industry in Venezuela – Corporate Income Tax (%), 2014 9

Table 3: The Mining Industry in Venezuela – Withholding Tax (%), 2014 9

List of Figures

Figure 1: The Mining Industry in Venezuela – Commodity Mines at Different Stages (Number of Mines), 2014 1

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