This amenment likely requires approval before Ruscaolin receives their permit...

New Mining Law of double taxation in Bolivar
Wednesday 07 May 2008

The Legislative Council of Bolivar state began at noon yesterday's debate to approve on second and final discussion, the draft amendments to the Law of the Non-Metallic Mining, which allow better control of economic activity and an increased percentage of revenues tax for the rights to the exploitation of building materials and ornamental rocks.

The chairman of the Committee on Environment and Development of Mining Cleber, deputy Francisco Jimenez, explained that the new legal instrument that repealing Act of 2002, will enable the Regional Executive and organized communities, greater control over the exploitation and marketing of non-metallic like chopped stone, sand, kaolin and granite rocks, abundant in Guyana.

Support for the harmonious development

He said that reform is framed in the provision of Cleber to offer full support for the harmonious development plan that is promoting the Governor Francisco Rangel Gomez to shore by the momentum of the four axes of sustainable development, such as tourism, agribusiness , Water and mining.

He said that the new law is of vital importance because it allows increased tax collections, monitoring and providing value-added of the mineral wealth of the region, for their efficient utilization in terms of collective welfare.

The distribution of benefits

Jimenez said that among the changes to the legal instrument containing a tax increase of two percent to four percent for materials such as sand, screening, and 2 to 6 percent in terms of granite rocks and other ornamental . These revenues will be distributed in such a way that municipalities where the deposits are located receive 50 percent of the proceeds to be invested in works of communities, the Executive receive 20 percent and Mines Institute Bolivar the remaining 30 percent directed to improve their ability to monitor and control mining operations, in phases of exploration, exploitation and marketing of non-metallic products.

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