Limitación del impacto de las deducciones de intereses excesivas en los ingresos mineros

This guide, produced by the OECD and the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), provides policy recommendations for developing countries to combat base erosion and profit shifting (BEPS) in the mining sector. It specifically addresses the use of excessive debt by multinational enterprises (MNEs) to shift profits abroad through interest deductions. The document details common aggressive tax planning structures, explains the application of OECD BEPS Action 4, and suggests a combination of fiscal tools to protect national tax bases while maintaining an attractive investment climate.

• Mining operations require massive capital investments, often totaling hundreds of millions of dollars, for mine construction, processing facilities, and infrastructure, which are typically spent before any revenue is generated from mineral sales.
• Multinational enterprises (MNEs) often centralize financing through a 'group treasury' located in jurisdictions with low or no corporate tax, a wide network of tax treaties to reduce withholding taxes, and strong legal frameworks.
• MNEs may use 'Debt Push Down' strategies where an acquiring entity borrows heavily to purchase a mine and then transfers that debt to the local operating company to reduce the local tax burden through interest deductions.
• Other problematic BEPS practices in mining include charging interest rates above market levels between related parties, using hybrid financial instruments to exploit differing tax treatments between countries, and integrating financing costs into the purchase price of assets to avoid interest withholding tax (IWT).
• OECD BEPS Action 4 recommends limiting net interest deductions to a fixed ratio of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), typically between 10% and 30%, to ensure deductions are linked to the economic activity generating taxable income.
• To accommodate the high capital needs and volatility of the mining sector, the guide suggests allowing the carry-forward of disallowed interest expenses to future years, provided the loans have a legitimate commercial justification.
• Beyond Action 4, the document identifies several complementary measures: thin capitalization rules (limiting debt-to-equity ratios), interest withholding taxes (IWT), transfer pricing rules based on the 'arm's length principle', and 'Uruguayan-style' proportional deductibility based on differences between local and foreign tax rates.
• For developing countries with limited administrative capacity, the guide recommends a 'package' of simple, transparent, and clearly designed measures, starting with BEPS Action 4, IWT, and transfer pricing provisions.
• The document notes a potential risk where state equity participations paid for by the MNE ('carried interests') may encourage MNEs to prioritize debt financing to avoid diluting the government's share or to prioritize payments to external lenders.
• The guide emphasizes that interest limitation rules should be applied uniformly across all projects to avoid discretionary 'special treatments' that could act as inefficient tax incentives or facilitate corruption.

APA

International Institute for Sustainable Development (n.d.). Limitación del impacto de las deducciones de intereses excesivas en los ingresos mineros. https://www.iisd.org/system/files/2025-05/limiting-impact-excessive-interest-deductions-mining-revenue-es.pdf

Chicago

International Institute for Sustainable Development. Limitación del impacto de las deducciones de intereses excesivas en los ingresos mineros. n.d. https://www.iisd.org/system/files/2025-05/limiting-impact-excessive-interest-deductions-mining-revenue-es.pdf.

Wikipedia

{{cite report |author=International Institute for Sustainable Development |title=Limitación del impacto de las deducciones de intereses excesivas en los ingresos mineros |url=https://www.iisd.org/system/files/2025-05/limiting-impact-excessive-interest-deductions-mining-revenue-es.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{internationalinstituteforsustainabledevelopmentndlimitacin, author = {{International Institute for Sustainable Development}}, title = {{Limitación del impacto de las deducciones de intereses excesivas en los ingresos mineros}}, institution = {International Institute for Sustainable Development}, url = {https://www.iisd.org/system/files/2025-05/limiting-impact-excessive-interest-deductions-mining-revenue-es.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }