Publisher is the useful and powerful WordPress Newspaper , Magazine and Blog theme with great attention to details, incredible features...

Mining royalties on the rise by 9.1%

One of the sections with positive results in the revenues of the state budget is that of the royalty payments from the mining industry.

The preliminary data published by the Ministry of Finance show that revenues from royalty payments in export have been realized at the value of ALL 585 million, 9.1% or ALL 49 million more compared with the third quarter of 2016 and 33% or ALL 146 million over the plan.

According to an analysis of finance experts, the main impact has been the increase in mineral prices in international markets with about 48% compared with January-March 2016 and the increase of the quantity of exported minerals by 47% compared with January-March 2016.

Royalties are paid by any subject who is licensed and/or operating in the mining industry, according to a contractual relationship with the public entity for natural mineral resources by/on/and subsoil of the Republic of Albania.

The royalty is a tax calculated as a certain percentage on the total value of the wholesale product sales.

In the case of products sold domestically, the tax authority branches are in charge for collecting this rent.

In case of export of mineral products, the rent is paid at the time of the export declaration and the customs offices in the districts are in charge for collecting this rent.

25 percent of revenues from royalty payments go to the local government in whose territory the export activity is situated.

Scan Tv,  08.05.2017