Annual Budget and Fiscal Transfers: Codelco presents its annual budget (operational, investment and amortization payments), including a monthly disaggregation, to both the Mining and Finance Ministries for their approval, by September 1st of the year prior to execution. By December 15th, Ministries of Mining and Finance are required to approve the final budget. There are monthly Transfers of Dividends to the Treasury (advances). If dividends exceed budget, the difference is delivered within 45 days (monthly closure figures confirmation) and if dividends are below budget, the budget is rewritten. Income Tax payments are done quarterly, i.e. March, June, September and December. The Central Bank withholds 10 per cent of as a special tax.