A publication prepared by

PwC for the International

Council on Mining and
Metals, December 2021.

ICMM
MEMBERS’
TAX
CONTRIBUTION
Focusing on corporate income tax
and royalties, 2020 Update
 CONTENTS

Introduction 1
Contribution 1
Supporting global goals 2
Conclusion 2

Methodology 3

Participation 4
Data provided 4

Contribution in tax and royalties over the study period – 2013 to 2020 6
CIT and royalty charge 6
CIT and royalty charge compared to profit 6

Contribution in tax and royalties in 2020 7

CIT and royalty charge 7
CIT and royalty charge compared to profit 7

Trends from 2013 to 2020 9

Trend in commodity prices 9
Trends in CIT and royalty charge 9
Trend in CIT and royalty charge compared to profit 10

Appendices 11
Appendix 1 – Basis of calculations 11
Appendix 2 – Glossary 11

Table of Figures
Figure 1: Participants by headquarter country 4
Figure 2: Participants by metal or mineral mined 4
Figure 3: ICMM countries of operation 5
Figure 4: Study totals –2013 to 2020 6
Figure 5: CIT charge and royalty charge – 2020 7
Figure 6: CIT charge and royalty charge – 2013 to 2020
Figure 7: Price indices, selected commodities (December 2012 = 100) 9
Figure 8: CIT and royalty charge, PBT and PBTI – 2013 to 2020 9
Figure 9: Trends in CIT charge and royalty charge ratio – 2013 to 2020 10

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refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Publication: ©ICMM 2021. All rights reserved.

Cover image: ©Polyus
ii ICMM Members’ Tax Contribution – 2020 Update
INTRODUCTION

The International Council on Mining and Metals (ICMM) and its members
- representing around a third of the global mining and metals industry
- recognise that we have a responsibility to all their stakeholders to act
transparently and ethically. As a consequence, and as a condition of ICMM
membership, ICMM company members commit to applying ethical business
practices and sound systems of corporate governance and transparency to
support sustainable development.

This report is just one way in which members are fulfilling
that commitment. It provides stakeholders with greater
visibility into the corporate income taxes (CIT) and royalties
that ICMM company members pay in the countries in
which we operate. It builds upon previous ICMM member
tax contribution reports published in 2018 (here) and
2020 (here), with each new report providing more data
and greater insight into the tax and royalty payments that
ICMM members make, and how and why those payments
fluctuate over time1. The results provide information
that would not otherwise be in the public domain, since
companies are not required to disclose separately all
royalty payments in their financial reports.
These ICMM-member payments to host governments,
particularly in ‘mining-dependent countries’2, support
sustainable economic development by funding critical
government services and investments. Our 2021 report,
Social Progress in Mining-Dependent Countries: Analysing
the role of resource governance in delivering the UN
Sustainable Development Goals (SDGs) found that across
74 per cent of the socio-economic metrics studied, life in
mining-dependent countries has improved significantly
in the 23 years leading up to 2018; this represents a
counterpoint to the widely held perception that mining
is likely to impede the economic, and in turn, the social
progress of host populations.
While corporate income tax and royalty payments are
by no means the only contribution that members make
to their host countries, those payments represent a
significant contribution and, unlike other contributions
(eg local procurement), are relatively easy to quantify and
standardise across the ICMM membership. It should be
noted that this report only looks at corporate income tax
and royalties, other taxes such as employment taxes and
property taxes which are not collected as part of the survey,
can also be significant.
There is a need for robust data to inform the debate
around taxation of the mining sector. This is important to
inform policy decisions and the intention of this report is
to raise awareness and aid understanding.
Contribution
In a cyclical industry with volatile commodity prices, the
contribution through taxes and royalties from the mining
sector will vary from year to year. This report looks at the
tax and royalties paid by ICMM members over the last
eight years (2013 to 2020). In that time, corporate income
taxes (excluding deferred tax) and royalties charged to the
income statement amounted to US$181bn which was 39
per cent of profits (adjusted for impairments).
As shown in this year’s study, the partial recovery in
commodity prices across 2017/18 was, with the exception
of gold, not sustained into 2019. This has impacted the
profitability and therefore the CIT payments made by the
mining sector for 2020 in comparison to those reported in
2018 and 2019. In 2020 the survey participants reported a
total corporate income tax charge (excluding deferred tax)
of US$15.4bn and a royalty charge of US$8.3bn, totaling
US$23.7bn. Excluding impairments and other exceptional
items, current corporate income tax and royalties charged
in 2020 were 39.7 per cent of adjusted profit before tax.

1. This series of reports focuses on the ratio of tax and royalty charge to profits before tax, impairments and non-tax deductible exceptional items (PBTI). Impairments
arise in the industry when a fall in commodity prices results in the value of a mine being lower than the current valuation in the company’s financial statements.
Declining commodity prices between 2013 and 2016 led to significant impairments for mining companies, making it necessary to use PBTI (it was not possible to
calculate a tax rate using PBT in 2016 since the data showed an overall loss before tax in that year).
2. ‘Mining-dependent’ countries generate more than 75 per cent of their resources export revenue with minerals and metals.

ICMM Members’ Tax Contribution – 2020 Update 1

 INTRODUCTION

However, these headline figures obscure variation over
the course of mineral price cycles. Falling commodity
prices between 2012 and 2016 led to challenging economic
conditions for mining companies. This report shows the
impact this had on mining sector profitability and their tax
contribution, with the overall corporate income tax and
royalty charge reaching 64 per cent of profits in 2016.
The data provided by participants in this year’s report
largely pre-dates the COVID-19 pandemic and the
economic impact of the public health crisis as the majority
of study participants have December year ends3. The
decline in commodity prices experienced throughout 2019
and into the first half of 2020 is a reflection of weaker
demand caused by economic uncertainty. The impact of the
COVID-19 pandemic during this period is more limited.
Supporting global goals
Despite the above, it is within the context of the COVID-19
pandemic that governments now face significant pressures
to raise taxes in order to balance public finances. The
recent agreement of the international community on a
minimum global corporate income tax rate of 15 per cent
as part of the work by the OECD on Pillar Two4 demonstrate
the continuing pressure for reform of the international
tax system. While the impact of these proposals on the
mining sector remains uncertain at this stage, there is no
doubt that governments face difficult choices in the current
economic climate. It is important that any decisions taken
are based on robust data along with a clear understanding
of the contribution made by different industry sectors and
how this can vary over the economic cycle.
Conclusion
Transparency is integral to ICMM’s Mining Principles.
Through transparency, ICMM company members show that
we are willing to be held to account by stakeholders for the
plans, processes and actions which we have committed to
implement.
The availability of robust tax data is essential for informing
debates at both a national and global scale on the
reasonable and fair taxation of the mining sector. Those
debates inform future policy decisions and the intention
of this study is to raise awareness and aid understanding.
ICMM welcomes this and hopes the results provided in
this report encourage further tax disclosure by the industry
at large.

3. Of the 27 companies that participated in this year’s survey, 20 had December year ends and seven had year ends at other times, the most common being 30 June. As a
result of the survey period the majority of data provided by study participants is to December 2019, which largely pre-dated the COVID-19 pandemic.
4. Pillar Two of the OECD/G20 Base Erosion and Profit Shifting Project aims to agree a global minimum level of taxation on multinational companies.

2 ICMM Members’ Tax Contribution – 2020 Update

METHODOLOGY
Members of ICMM provided data on their CIT, royalties and
other financial information for the last financial year. The
latest year was the accounting period ended in the year
to 30 June 2020 and for most participants this was the
financial year ended 31 December 2019. Data collection
was at a global level. The survey had previously collected
data from ICMM members for 2013 to 2019, which is also
included in this report.
ICMM member companies provided data on tax and
royalties paid to the public finances each year. We also
provided financial statement data on tax and royalties
charged to the income statement, profit before tax (PBT)
and their profit before tax, impairments and other non-
tax deductible exceptional items (PBTI). Impairments
arise in the mining sector when a fall in commodity
prices results in the value of a mine being lower than the
current valuation in the company’s financial statements.
Impairments can result in high effective corporate income
tax rates, which increase further when royalties are added.
Royalties are a feature of the mining industry. There is a
debate as to whether they should be regarded as a tax, but
whatever view is taken, they make a significant contribution
to public finances. Governments in different countries
choose to levy royalties in different ways; in some cases,
as an additional tax on profits (mining tax) and in other
5. For all but three companies, royalty payments are deducted above the profit before tax line. In order to calculate the royalty ratio (royalty as a percentage of profit),
the royalty charge is added back to profit to avoid comparing royalties to a base from which they have already been deducted.
ICMM Members’ Tax Contribution – 2020 Update
cases based on turnover (i.e., sales) or production. The
accounting treatment differs, with a royalty based on profits
treated as a tax and included below the PBT line in the
annual report. By contrast, a royalty based on turnover or
production is usually netted from turnover or included as
part of operating costs.
This study uses the following ratios (further details are in
the appendices):
• A CIT ratio: corporate income tax (CIT) charge as a
percentage of profit before tax, impairments and other
non-tax deductible exceptional items (PBTI). The CIT
charge excludes deferred tax.
• A royalty ratio: royalty charge as a percentage of profit
before tax, impairments, other non-tax deductible
exceptional items and royalty charge included in
operating costs (PBTIR).
• A CIT and royalty ratio: CIT charge and royalty charge as a
percentage of PBTIR.5
PwC has anonymised and aggregated the data provided by
ICMM members to produce the study results. PwC has not
verified, validated or audited the data and cannot therefore
give any undertaking as to the accuracy of the study results.
3
 PARTICIPATION

Data provided
Twenty-seven ICMM members provided data for their
last accounting period6. The headquarter locations of
participants cover a broad range of countries (see figure 1)
as well as a broad range of minerals and metals mined (see
figure 2). Note, members may mine more than one mineral
and metal and be included in the chart more than once.
Twenty companies had December year-ends, and
seven had year-ends at other times. Where we
refer to 2020, we include data for the accounting
period ended in the year to 30 June 2020, and for
the majority, this will be 31 December 2019.

Figure 1: Participants by headquarter country Figure 2: Participants by metal or mineral mined

South Africa
3 11.1% Other (inc. silver)
Copper
25.4%
US 23.9%
Other 3
9 11.1%
33.3%

Canada
2
7.4% Zinc
8.5%
Australia Bauxite Gold
UK 4 Platinum
3 14.8% 4.2% 21.1%
11.1% 2.8%
3 Japan Iron ore Coal
11.1%
5.6% 8.5%
Source: study participants
Source: study participants

0.0
0.2
0.4
0.6
0.8
1.0

6. One of ICMM’s 27 company members, African Rainbow Minerals, was unable to submit their tax data for this report.

4 ICMM Members’ Tax Contribution – 2020 Update

PARTICIPATION

The data received reflects the mining sector’s international

operations and the study results represent mining activities
around the world. The map in figure 3 shows the ICMM
members’ countries of operation. Each country is shaded
based on the number of operations (darker shading
indicates a greater number of operations).

Figure 3: ICMM countries of operation

0-20 21-40 41-60

0-20 61-80
0-20 81-100+

ICMM Members’ Tax Contribution – 2020 Update 5

 CONTRIBUTION IN TAX AND
ROYALTIES OVER THE STUDY
PERIOD – 2013 TO 2020
CIT and royalty charge
Over the last eight years, survey participants reported
a CIT charge of US$121.bn and a royalty charge of
US$60.4bn, a total of US$181.4bn.
Over the same period, US$185.5bn has been paid to tax
authorities around the world. This is made up of corporate
income tax paid of US$119.1bn and royalties paid of
US$66.4bn, a total of US$185.5bn.
Tax and royalties paid reflects amounts paid to the public
finances and is a straightforward measure without
the complexities of provisions or accruals. However,
expressing tax paid as a percentage of profits can be
misleading due to the payments on account regime which
means that the amount paid in any one period typically
includes a component relating to the previous accounting
period. This report focuses on CIT charge excluding
deferred tax, a measure that most directly corresponds to
profits in the year.
6 ICMM Members’ Tax Contribution – 2020 Update
CIT and royalty charge compared to profit
To put the CIT and royalty charge into context, we compare
it to profit. Removing impairments and other non-tax
exceptional items of US$166.1bn, total PBTI between 2013
and 2019 was US$401.7bn.
We add royalties charged above the profit line back to profit
to avoid comparing royalties to a base from which they
have already been deducted. This gives a measure of profit
we define as PBTIR, profit before tax, impairments, non-
tax deductible exceptional items and royalties.
The CIT and royalty charge as a percentage of PBTIR was
39.2 per cent over this period (figure 4). For every US$100
of profit before impairments, US$39.20 was charged in
corporate income tax and royalties.
Figure 4: Study totals – 2013 to 2020
Royalty charge
13.1%
$60.4bn
PBTIR
CIT Charge after CIT
$121.0bn
26.2% and royalty
$280.7bn charge
60.8%
Source: study participants
CONTRIBUTION IN
TAX AND ROYALTIES
IN 2020

CIT and royalty charge and are often not linked to profits. They are frequently paid
on production of minerals and metals and will be paid
Falling commodity prices between 2012 to 2016 had a
irrespective of whether the company makes a profit or not.
significant impact on the profitability of the mining sector.
The calculation is based on the total value of mineral sales,
The partial recovery in commodity prices together with
not just on the profit margin.
general economic growth during the 2016-2018 period
saw profits and corporate income tax for 2018 and 2019 To understand the impact of this difference, it is important
returning to a similar level to those reported by ICMM to look over the mining cycle, not just in years when there
members in 2013 and 2014. is an upswing.
This year’s analysis shows that, with the exception of gold,
the recovery in commodity prices was not sustained into
Figure 5: CIT charge and royalty charge 2020
2019. As a result, mining profits and corporate income
tax decreased in comparison to those reported in 2018
and 2019. In 2020, study participants reported total CIT
and royalties of US$23.7bn, which is a decrease from
US$26.8bn in 2019.
29.8%

CIT and royalty charge compared to profit

For the 27 companies providing data for 2020, the CIT ratio
was 29.8 per cent (figure 5). A similar calculation can be
13.9%
carried out for royalties. The royalty ratio was 13.9 per cent
for 2020.

Mining companies are subject to both CIT and royalty

charges. Taking both the CIT charge and royalty charge 39.7%
together, the ratio for 2020 was 39.7 per cent.

There is a crucial difference between the CIT ratio and

the royalty ratio. The CIT calculation is based on profit, 0% 5% 10% 15% 20% 25% 30% 35% 40%
so as profit falls, the CIT charge will generally fall. By
contrast, royalties can be calculated in a number of ways CIT charge/ Royalty charge/ CIT and royalty
PBTI PBTIR charge/PBTIR

Source: study participants

ICMM Members’ Tax Contribution – 2020 Update 7

 CONTRIBUTION IN TAX
AND ROYALTIES IN 2020

Figure 6 shows the trend in CIT and royalty ratios over the
period 2013 to 2020 on an overall basis. In 2018 and 2019,
as profitability recovered in the mining sector, the CIT and
royalty ratio returned to a similar range seen in 2013 and
2014 with the CIT and royalty ratio returning to 35 per cent.
As a result of lower profitability in 2020, driven by a decline
in commodity prices, the ratio has increased to 40 per cent.

Figure 6: CIT charge and royalty charge – 2013 to 2020

80%

60%

40%

20%

0%
2013 2014 2015 2016 2017 2018 2019 2020

CIT charge / PBTI Royalty charge / PBTIR CIT and royalty charge / PBTIR

Source: Study participants.

8 ICMM Members’ Tax Contribution – 2020 Update

TRENDS FROM 2013 TO 2020

Trend in commodity prices Figure 7: Price indices, selected commodities

Profit before tax for the mining sector was on a downward (December 2012 = 100)
trend between 2013 and 2016, in line with falling commodity 125%
prices and associated impairments and exceptional items.
Figure 7 shows the price for selected minerals from 2013.
100%
As noted previously, while commodity prices experienced
a partial recovery throughout 2017 and 2018, this was not 75%
sustained into 2019. Commodity prices declined during the
year as a result of uncertain economic conditions combined
40%
with limited impact from the earlier period of the COVID-19
pandemic. Gold experienced a sharp increase in value.
20%
Trends in CIT and royalty charge
0%
Figure 8 shows the trend, on a like-for-like basis, in CIT
Dec 12
June 13
Dec 13
June 14
Dec 14
June 15
Dec 15
June 16
Dec 16
June 17
Dec 17
June 18
Dec 18
June 19
Dec 19
June 20
Dec 20
and royalty charges between 2013 and 2020, based on data
from the 15 companies that have participated in each year
of the survey. The CIT charge over the period follows the
trend in profitability, while the royalty charge was more Coal Iron Ore Copper Gold
stable over the eight-year period.
Source: Refinitiv Datastream, price indices selected commodities

Figure 8: CIT and royalty charge, PBT and PBTI – 2013 to 2020

20 100

15

50
CIT and royalty charge

PBT and PBTI

10
$bn

$bn

0 -50
2013 2014 2015 2016 2017 2018 2019 2020

CIT charge PBTI

Royalty charge PBT

Source: Study participants. Note: This chart includes data from 15 ICMM members who provided data in all years of the survey (2013-2020).
As a result, the 2020 totals do not correspond with the executive summary, which is based on the 27 survey participants that participated in
the most recent survey.

ICMM Members’ Tax Contribution – 2020 Update 9

 TRENDS FROM 2013 TO 2019
Looking at the period from 2013 to 2016, the CIT charge fell
from US$17.9bn in 2013 to US$6.2bn in 2016, a decrease
of 65 per cent. Royalties decreased from US$8.3bn in 2013
to US$5.5bn in 2016, a fall of 34 per cent. The decrease in
royalties over the 2013 to 2016 period was less pronounced
than the decrease in CIT charge, as royalties are not linked
to profits.
PBT fell over the same period, from US$32.9bn in 2013 to
a loss of US$41.0bn in 2016. Removing impairments and
non-tax deductible exceptional items, PBTI fell by 79 per
cent from US$62.2bn in 2013 to US$12.9bn in 2016.
In the period from 2017 to 2019, profits increased each year
as commodity prices recovered. As a result, the CIT charge
for the 15 companies increased to over US$15bn in 2018
and 2019, while the royalty charge in 2019 increased to
US$7.4bn.
In 2020, the CIT charge declined from US$16.7bn in
2019 to US$15.6bn, a 6 per cent decrease. The fall in CIT
corresponds with a 23 per cent decrease in PBT over the
same period, driven by weaker commodity prices, with the
exception of gold. Royalty charges, which are not linked
to profits, increased slightly from US$7.4bn in 2019 to
US$7.7bn in 2020. Analysis of the data shows that the slight
rise in the royalty charge was attributable to increases in
the revenue generated by companies that mine gold, which
experienced a significant price increase during the period.
Figure 9: Trends in CIT charge and royalty charge ratio – 2013 to 2020
80%
60%
40%
20%
0%
2013 2014 2015
CIT charge / PBTI Royalty charge / PBTIR
Source: Study participants. Note: this chart includes data from 15 ICMM members who provided data in all years of the survey (2013-2020).
As a result, the 2020 ratios do not correspond with figure 5 above, which is based on the 27 survey participants that participated in the most
recent survey.
10
Trend in CIT and royalty charge compared
to profit
Figure 9 shows that ratios of CIT charge to PBTI, royalty
charge to PBTIR and CIT and royalty charge to PBTIR
for 2020 increased as a result of lower profitability and a
marginal increase in royalties.
In 2016, the CIT ratio increased due to challenging market
conditions, in part driven by the decline in commodity
prices, which gave rise to losses in some mining operations
in that year. While tax losses may be offset against profits
in future years, there is generally a limited ability to obtain
relief in the current year. PBTI will be depressed by loss
making operations, but the CIT charge is based only on the
profitable mines, and as a result, the tax charge is a larger
percentage of PBTI. The royalty ratio also increased given
that royalties are not related to profit, as mentioned earlier.
As a result, while the total tax and royalty charge fell in
2016, the ratio of tax and royalty charge to PBTIR increased,
at the point in the mining cycle when the viability of a
mine can be in question. In 2018 and 2019, as profitability
recovered in the mining sector, the CIT and royalty ratio
returned to a similar level seen in 2013-14 (37.9% in 2018
and 39.2% in 2019). In 2020, with royalties increasing
against a backdrop of lower profitability across the sector,
the CIT and royalty ratio increased to 41.2 per cent.
2016 2017 2018 2019 2020
CIT and royalty charge / PBTIR
ICMM Members’ Tax Contribution – 2020 Update
APPENDICES
Appendix 1 – Basis of calculations
ICMM members provided data on their profit before tax,
impairments and exceptional items. Data was also requested
for corporate income taxes (CIT) and royalties, both charged to
the profit and loss (P&L) account and paid.
Our findings from the study are based on:
1. Profit before tax, impairments and non-tax deductible
exceptional items (PBTI). It is not possible to calculate a tax
rate using PBT in 2016 since the data showed an overall loss
before tax in that year.
2. Profit before tax, impairments, non-tax deductible
exceptional items and royalties charged above the PBT line
(PBTIR). Royalties charged above the profit line are added
back to profit to avoid comparing royalties to a base from
which they have already been deducted.
3. CIT charge and royalties charged to the P&L. Our analysis
was based on:
» Amounts charged to the P&L rather than amounts paid
to enable a fair comparison to PBT. Under a payment on
account regime, CIT paid in a year will relate partly to
current year profits and partly to prior year profits. The
CIT charged to the P&L is more aligned to profits for that
year.
» CIT charge excluding deferred tax rather than total CIT
charge (comprising current and deferred tax). In our
view, the CIT charge excluding deferred tax is a closer
reflection of tax payments and more easily understood
than the total CIT charge, which includes deferred tax.
The data from each participant have been totalled and overall
rates calculated from those totals. Based on these totals, we
have calculated:
• A CIT ratio: CIT charge (excluding deferred tax) as a
percentage of PBTI
• A royalty ratio: royalty charge as a percentage of PBTIR
• A CIT charge and royalty charge ratio: CIT charge and royalty
charge as a percentage of PBTIR
ICMM Members’ Tax Contribution – 2020 Update
Appendix 2 – Glossary
Corporate income tax (CIT): That element of the tax charge
that is not deferred. It will relate largely to the profits of
the year, although some of the charge may arise from
adjustments to previous years.
Deferred tax: An accounting adjustment that recognises the
future tax consequences of tax laws expected to apply when
assets and liabilities in the balance sheet are realised. It is not
included in this report.
Tax paid: Corporate income tax paid to the public finances.
Royalty charge: An amount due to the public finances, often
calculated on production of minerals and metals rather than
profit.
Royalty paid: Royalties paid to the public finances.
PBT: Profit before tax.
PBTI: Profit before tax, impairments and non-tax deductible
exceptional items.
PBTIR: Profit before tax, impairments, non-tax deductible
exceptional items and royalties which are charged within
administrative expenses.
Payment on account: Payment on account regimes exist
around the world where CIT paid in a year will relate partly to
current year profits and partly to prior year profits.
11
 ICMM is an international organisation
dedicated to a safe, fair, and sustainable mining
and metals industry. Bringing together 28
companies – and over 35 regional, national, and
commodities associations – we support mining
with principles to sustainably manage the
natural resources of our planet, and enhance
the wellbeing of local communities.

Disclaimer

This publication contains general guidance only and should not be relied
upon as a substitute for appropriate technical expertise. Although reasonable
precautions have been taken to verify the information contained in this
publication as of the date of publication, it is being distributed without warranty
of any kind, either express or implied. This document has been prepared
with the input of various International Council on Mining and Metals (‘ICMM’)
members and other parties. However, the responsibility for its adoption and
application rests solely with each individual member company. At no stage
does ICMM or any individual company accept responsibility for the failures
or liabilities of any other member company, and expressly disclaims the
same. Each ICMM member company is responsible for determining and
implementing management practices at its facility, and ICMM expressly
disclaims any responsibility related to determination or implementation of any
management practice.
Each ICMM member company is responsible for determining and
implementing management practices at its facility, and ICMM expressly
disclaims any responsibility related to determination or implementation of
any management practice. Moreover, although ICMM and its members are
committed to an aspirational goal of zero fatalities at any mine site or facility,
mining is an inherently hazardous industry, and this goal unfortunately has yet
to be achieved.
In no event shall ICMM (including its officers, directors, and affiliates, as
well as its contributors, reviewers, or editors to this publication) be liable for
damages or losses of any kind, however arising, from the use of or reliance on
this document, or implementation of any plan, policy, guidance, or decision, or
the like, based on this general guidance. ICMM, its officers, and its directors
expressly disclaim any liability of any nature whatsoever, whether under equity,
common law, tort, contract, estoppel, negligence, strict liability, or any other
theory, for any direct, incidental, special, punitive, consequential, or indirect
damages arising from or related to the use of or reliance on this document.
The responsibility for the interpretation and use of this publication lies with
the user (who should not assume that it is error-free or that it will be suitable
for the user’s purpose) and ICMM. ICMM’s officers and directors assume
no responsibility whatsoever for errors or omissions in this publication or in
other source materials that are referenced by this publication, and expressly
disclaim the same.
Except where explicitly stated otherwise, the views expressed do not
necessarily represent the decisions or the stated policy of ICMM, its officers,
or its directors, and this document does not constitute a position statement or
other mandatory commitment that members of ICMM are obliged to adopt.
ICMM, its officers, and its directors are not responsible for, and make no
representation(s) about, the content or reliability of linked websites, and linking
should not be taken as endorsement of any kind. We have no control over the
availability of linked pages and accept no responsibility for them.
The designations employed and the presentation of the material in this
publication do not imply the expression of any opinion whatsoever on the part
of ICMM, its officers, or its directors concerning the legal status of any country,
territory, city or area or of its authorities, or concerning delimitation of any
frontiers or boundaries. In addition, the mention of specific entities, individuals,
source materials, trade names, or commercial processes in this publication
does not constitute endorsement by ICMM, its officers, or its directors.
This disclaimer should be construed in accordance with the laws of England.

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12 ICMM Members’ Tax Contribution – 2020 Update