Mises Daily
Author:
Morgan J. Poliquin
Online Publish Date:
The Mongolian state on May 12th imposed what it has termed a “windfall profits” tax on mining carried out in that country. The law constitutes a 68% tax on profits from mineral sales when the copper and gold price are above US$1.18 a pound and US$500 per ounce respectively. This tax is so punitive that its imposition is tantamount to