A holder of a Mining Title can opt to defer the amortization of fixed assets purchased during the exploration, and construction phases, as from the start of its Operating Phase. The amortization period adopted will be the period defined in Article 101 of the General Tax Code.
The option for right to the deferred amortization is subject to prior approval by the Director General of Taxation to whom must be provided:
- a copy of the audit report by the accounting expert of the holder of the Mining Title, pertaining to the purchase of fixed assets during the exploration, and construction phases;
- a copy of the purchase invoices for fixed assets for which amortization is requested.