During the Operating Phase, all of the following expenses incurred by holders of a Mining Operation Permit with the intention of generating revenue, are considered as expenses which are deductible from taxable profits for the calculation of tax on Industrial and Commercial Profits and Corporate Income Tax:
- overhead of any kind, staff and labour costs, lease rents where the company is the lessee, expenses for repairs and maintenance of professional premises and equipment, excluding expenditures for expansion or processing;
- tax on the extraction of Mine Substances other than Precious Metals set out in Article 161 of this Code;
- tax on the industrial or semi-industrial production of Precious Metals set out in Article 161-A of this Code;
- export tax on Mine Substances other than Precious Metals set out in Article 163 of this Code;
- export tax on Precious Stones and Gemstones set out in Article 163-B of this Code.
- Financial expenses provided they meet the general conditions for deducting company expenses and that the interest rates are those which applied when the loans were contracted, within the limits set by the General Tax Code;
- losses from previous years in accordance with the General Tax Code;
- amortisations actually incurred by the company. Holders of a Mining Operation titles are authorised to carry out declining balance amortisation in accordance with the provisions of the General Tax Code;
- the annual share transferred to the trust account for the rehabilitation of mining sites provided in Article 144 of this Code;
- provision for the Rehabilitation of Deposits set out in Article 178 of this Code;
- the Contribution to Local Development provided in Article 130 of this Code;
- losses recorded on exchange rates as a result of price fluctuations of exchange rates pursuant to the terms defined in the General Tax Code.
These charges are deductible from the taxable profit for the calculation of tax on Industrial and Commercial Profit and of Corporate Tax, on condition they meet the conditions for deducting expenses as specified in Article 93 of the General Tax Code.