Detailing the tax and royalties paid by ICMM members between 2013 and 2019.
ICMM Members’ Tax Contribution Report: 2020 Update
This report looks at the tax and royalties paid by ICMM members from 2013 to 2020, showing how those amounts rise and fall through the commodity cycle. In addition to showing the quantum of tax and royalties that ICMM members pay, it also calculates the average effective tax rate across the membership for 2020.
In 2020, members reported payments of US$23.7bn, this represents an effective tax rate of 39.7%, an increase of 5% on 2019.
The increase in effective tax rate is a result of lower sector profitability in 2020, driven by a decline in commodity prices across members’ diverse portfolio of metals, with the exception of gold.
Between 2013 and 2020 ICMM members paid over US$185bn ($119.1bn in corporate income tax and royalties of $66.4bn) to tax authorities across the world.
Profit before tax for the mining sector was on a downward trend between 2013 and 2016, in line with falling commodity prices; while commodity prices experienced a partial recovery throughout 2017 and 2018, this was not sustained into 2019. Commodity prices, with the exception of gold, declined during 2019.