• Share

ICMM Members’ Tax Contribution: Focusing on Corporate Income Tax and Royalties – 2023 Update

5 June 2024

ICMM members have disclosed their social and economic contributions to host countries during the 2023 reporting period. This data helps companies to demonstrate accountability, enabling communities and civil society to hold governments to account for how revenues are used.

  • The global economy navigated through a challenging 2023, which saw demand and prices across many key commodities retreated against a backdrop of trade dislocation, tightening global monetary policy, rising inflation, surging energy prices and higher production costs.
  • Despite this, ICMM members reported Corporate Income Tax (CIT) and royalty payments of US$54.2bn, a slight decrease of 0.7% from 2022. Broken down, ICMM members paid $38.8 in CIT, down 3.6% from last year and US$15.5bn in royalties paid up 5.1% from last year.
  • Since 2013, ICMM members have reported US$325.6bn in total CIT and royalty payments. When compared to total adjusted profits of US$888.8bn reported over the same period, this translates to US$36 out of every US$100 of profit earned by members being paid in CIT and royalties.
  • Members also continue to contribute significantly to social and economic development. This includes 561,800 employees, wages and related payments of US$ 39.1bn (2022 - US$37.3bn), payments to suppliers of US$187.2bn (2022 - US$ 166.2bn) and community and social investment totaling US$1.4bn (US$1.5bn).
  • ICMM members believe that transparently disclosing corporate income tax and royalty payments, employee wages, payments to suppliers and their community investment provides important context for understanding the economic contribution mining makes. The data helps companies to demonstrate accountability, enabling communities and civil society to hold governments to account for how these revenues are used.