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ICMM Members’ Tax Contribution Report: 2021 Update

13 December 2022

This report shows members’ overall tax contributions made up to the financial year ended 30 June 2021. This coincides with the beginning of the COVID-19 pandemic and increasing commodity prices seen in 2020 and into 2021. The report shows higher profits for the sector and a 27% increase in the amount of overall corporate income tax and royalties paid to host governments.

  • The data provided in this year’s report coincides with the first year of the COVID-19 pandemic alongside increasing commodity prices through 2020 and into 2021. This resulted in higher profits for the sector and a 27% increase in the overall CIT and royalties charged.
  • ICMM members reported a total corporate income tax charge (excluding deferred tax) of US$20.8bn (an increase of over US$5bn from 2020), and a royalty charge of US$9.4bn. Excluding impairments and other exceptional items, current CIT and royalties charged in 2021 was 32.6% of adjusted profit before tax.
  • Geopolitical, and social issues such as conflict, increases in the cost of living, and the urgency to decarbonise will mean that commodity prices remain uncertain. In the face of these challenges, governments will face increasing pressure to raise taxes to balance public finances.
  • It is critical that any decisions that are taken are informed by robust data such as what is presented in this report. Transparent disclosure of tax payments remains an important way to inform the global debate around taxation of the mining sector as well as informing policy decisions.