Toledo Says Mining Firms Should Pay Peru More Tax
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Peruvian presidential candidate Alejandro Toledo said mining companies should contribute more of their revenue to support the Andean country’s social programs as metal prices soar.
Toledo pledged to negotiate with mining companies to “redefine” contracts once they have expired, he told reporters in Lima today. The government needs to increase tax revenue, which is equivalent to 15 percent of gross domestic product, to finance higher public spending, said Toledo, who was president of Peru between 2001 and 2006.