Multinational mining companies like Drummond and Cerromatoso owe the Colombian state millions of dollars in overdue taxes and royalties, said the country’s Comptroller General’s Office Tuesday.
“Colombia does not do a very good job of collecting taxes for the extraction of natural resources.” former congresman and mining consultant Acosta told economic magazine Portafolio. “It is inconceivable that while in La pay a 12 percent tax on mined salt, the multinational , which seeks to exploit gold in Colombia, only pays 4 per cent in royalties for the most precious minerals,” Acosta added.
Mining companies in Colombia have historically benefited from tax subsidies. According to Acosta, Colombia received $3.6 billion in direct royalties in 2009. According to Portafolio, Colombia, despite its natural resources, receives the least income through taxes and royalties in Latin America.