REFORMAS FISCALES DIGITALES MUNDIALES Y MINERÍA: EL PROBLEMA DE LAS DIFERENCIAS EN EL TIEMPO

This report analyzes the impact of the OECD's Pillar Two global digital tax reforms on the mining sector, specifically focusing on 'timing differences' between accounting profits and taxable income. It argues that without proper resolution of these differences, resource-rich developing countries could lose significant tax revenue and investment to developed nations where parent companies are based.

• The Pillar Two proposal, known as the Global Anti-Base Erosion (GloBE) rules, aims to establish a global minimum Effective Tax Rate (ETR) to reduce tax competition and profit shifting. While it may discourage harmful tax incentives like tax holidays, it fails to adequately address timing differences in the mining sector, where large capital expenditures are often depreciated faster under local tax laws than under accounting standards.
• Timing differences in the mining sector can lead to a situation where a project reports accounting profits but no taxable income during early cost-recovery periods. Under GloBE rules, this results in an ETR below the minimum rate, triggering a 'top-up tax' payable to the jurisdiction of the parent company rather than the host country, potentially transferring billions of dollars from developing to developed nations.
• Unresolved timing differences could discourage mining investment in developing countries by reducing the Net Present Value (NPV) of long-term projects. Specifically, incentives like accelerated depreciation, which allow investors to recover capital quickly in critical early years, would lose their effectiveness, increasing the overall cost of investment.
• The report identifies three potential policy solutions to resolve timing differences: 1) a combination of loss carry-forwards and IIR tax credits, which is deemed insufficient for capital-intensive industries like mining; 2) deferred tax accounting, which is a standard industry practice and could neutralize the effect of accelerated depreciation; and 3) using local tax rules to determine the GloBE taxable base, which reduces industry judgment but increases administrative complexity.
• Deferred tax accounting is presented as a viable solution provided there are rules to exclude 'uncertain tax positions' and protections against abuse. It aligns with international accounting standards (IFRS/IAS) and avoids the risk of double taxation that occurs when a parent company pays a top-up tax while the subsidiary later pays local taxes on the same income.
• Permanent differences, such as tax holidays, are a primary target of Pillar Two. However, many developing countries have long-term mining contracts with 'fiscal stabilization clauses' that legally prevent them from unilaterally removing these incentives. The report suggests that the BEPS Inclusive Framework should explicitly allow countries to modify these contracts to comply with GloBE rules without violating stabilization agreements.

APA

Readhead, A., Lassourd, T., & Corrick, L. (2021). REFORMAS FISCALES DIGITALES MUNDIALES Y MINERÍA: EL PROBLEMA DE LAS DIFERENCIAS EN EL TIEMPO. International Institute for Sustainable Development. https://www.iisd.org/system/files/2021-04/global-digital-tax-reforms-mining-es.pdf

Chicago

Readhead, Alexandra, Thomas Lassourd, and Lee Corrick. REFORMAS FISCALES DIGITALES MUNDIALES Y MINERÍA: EL PROBLEMA DE LAS DIFERENCIAS EN EL TIEMPO. International Institute for Sustainable Development, 2021. https://www.iisd.org/system/files/2021-04/global-digital-tax-reforms-mining-es.pdf.

Wikipedia

{{cite report |last1=Readhead |first1=Alexandra |last2=Lassourd |first2=Thomas |last3=Corrick |first3=Lee |title=REFORMAS FISCALES DIGITALES MUNDIALES Y MINERÍA: EL PROBLEMA DE LAS DIFERENCIAS EN EL TIEMPO |publisher=International Institute for Sustainable Development |date=April 2021 |url=https://www.iisd.org/system/files/2021-04/global-digital-tax-reforms-mining-es.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{readhead2021reformas, author = {Readhead, Alexandra and Lassourd, Thomas and Corrick, Lee}, title = {{REFORMAS FISCALES DIGITALES MUNDIALES Y MINERÍA: EL PROBLEMA DE LAS DIFERENCIAS EN EL TIEMPO}}, institution = {International Institute for Sustainable Development}, year = {2021}, month = apr, url = {https://www.iisd.org/system/files/2021-04/global-digital-tax-reforms-mining-es.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }