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Mauritania introduces new fiscal regime. (Focus).

Article Excerpt
On January 20, 2002, the President of the Islamic Republic of Mauritania signed the law No.2002/02 which was adopted by Parliament on January 3, 2002, introducing a non-negotiable mining-model agreement. This agreement concerns the economic, customs, fiscal and foreign exchange conditions under which a mining investment can be made in Mauritania, but does not change any of the title granting, renewal or transfer provisions set out in the Mining Code of 1999 and in the decree on mining titles. The agreement must be entered into at the time of the application for the exploration title to which it will be annexed, and will be valid for the entire life of the mining title.

Taxation on inputs:

Remuneration fee

* At the granting, renewal or transfer of an exploration title: UM800,000 (US$3,600).

* At the granting, renewal or transfer of an exploitation title: UM2,500,000 (US$11,300).

Surface rental fee

Exploration licence:

* First period: UM250/[km.sup.2] (US$1/[km.sup.2]).

* Second period: UM500/[km.sup.2] (US$2/[km.sup.2]).

* Third period: UM1,000/[km.sup.2] (US$4/[km.sup.2]).

Exploitation licence:

* UM25,000/[km.sup.2] (US$100/[km.sup.2])....

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