Presentation in the consolidated statement of profit or loss
Minerals extraction tax, of which
tax rate calculated for every reporting period *
Minerals extraction tax in expenses by nature (note 4.1)
Amount of copper in produced concentrate, expressed in tonnes
Amount of silver in produced concentrate, expressed in kilograms
* In accordance with conditions specified by the Act dated 2 March 2012 on the minerals extraction tax and the Act dated 12 April 2019 on changing the Act on the minerals extraction tax, which decreased the tax rate by 15% since July 2019. Until 30 June 2019, the tax rate was calculated using the following formula: 0.033 x average copper price + (0.001 x average copper price)2,5. Since 1 July 2019, the tax rate has been calculated using the following formula: [(0.033 x average copper price + (0.001 x average copper price)2,5] x 85%.
The minerals extraction tax paid by the Parent Entity is calculated from the amount of copper and silver in produced concentrate and depends on the prices of these metals as well as on the USD/PLN exchange rate. The tax is accounted for under manufacturing costs of basic products and is not deductible for corporate income tax purposes.
Other taxes and charges, with a breakdown by geographical location, were as follows: