Chile 2010 Tax Revenue Jumps 25% On Year To $12.87 Billion -Govt

SANTIAGO, Jun 15, 2011 (Dow Jones Commodities News via Comtex) -- The Chilean government's revenue from the 2010 tax season jumped 25% from the previous year to $12.87 billion, Finance Minister Felipe Larrain said Wednesday.

The increase is due to strong economic growth, higher copper prices, an increase in the copper royalty tax rate and the government's efforts to reduce evasion.

The income tax private mining companies paid in 2010 surged 73% on the year to $2.15 billion, as higher global copper prices sweetened miners' bottom line.

In addition, mining companies paid $923 million in copper royalties last year, more than double the $373 million they paid in 2009.

Chile produces a third of the world's copper.