AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

Congress called to revisit new mining tax regime

AngMinero News by AngMinero News
September 19, 2022
in Business, News
28 0
0
Miners looking for policy direction from presidential bets
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Mining companies have opposed the new tax regime which could impend the revitalization of the country’s mining industry, the Chamber of Mines of the Philippines (COMP) said.

In a Philippine Star report, COMP is urging Congress to revisit the bill on the new mining fiscal regime and allow for consultations with other stakeholders, adding that it would provide opportunities for affected parties to contribute to the new regime that would encourage investments and unlock the industry’s “huge economic potential.”

COMP said that the proposed mining fiscal regime, which was approved by the House and Ways Committee, is against the pronouncements of the new administration to accelerate the mining industry.

While the COMP welcomed the government’s support for the mining industry’s post-pandemic recovery efforts, the new mining tax bill “will once again set back the revitalization of the industry.”

The chamber added that there were no consultations with the industry players which could have allowed them to prove that the “onerous provisions of the bill would make the Philippine mining industry one of the highest taxed in the world.”

COMP added that the industry’s effective 38% tax rate shown during the committee hearing was out of date as if the report was done in 2000, following the doubling of tax on mineral products under Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN 1) law.

The bill would raise the mining effective tax rate from 38% to 51%; a five percent royalty tax on the market value of the gross output of large-scale mining operations; a government share of 60% minimum of net mining revenues; and a 10% export tax on the market value of mineral ore exports.

While the new mining fiscal regime will add Php37.52 million in revenue for the government, COMP said that this is not conducive to the growth of the industry, and would prevent the sector from playing a crucial role in the country’s economic recovery.

The possible tax increase may also affect the stability of policies and could deflect potential foreign investments in a capital-intensive industry.

 

Tags: chamber of mines of the philippinesCOMPRA 10963Republic Act 10963Tax Reform for Acceleration and Inclusion lawtrain law

Related Posts

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining
News

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

August 22, 2025
ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1
News

ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1

August 20, 2025
Celsius Advances Benguet Copper-Gold Project, Eyes 2027 Output
News

Celsius Advances Benguet Copper-Gold Project, Eyes 2027 Output

August 19, 2025
MGB releases top mining contributors in reforestation
News

New Knowledge Platform for Small-Scale Mining Pushed by MGB and AGC

August 19, 2025
Benguet Forecasts Stronger 2025 with Gold Surge
News

Benguet Corp H1 Net Income Up 133% to PHP 623.9M on Strong Gold, Nickel Sales

August 19, 2025
Copper-to-Crops: India’s Kiri Industries Targets Integrated Plant in PH
News

Copper-to-Crops: India’s Kiri Industries Targets Integrated Plant in PH

August 19, 2025

FEATURED POST

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

August 22, 2025
ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1

ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1

August 20, 2025
Celsius Advances Benguet Copper-Gold Project, Eyes 2027 Output

Celsius Advances Benguet Copper-Gold Project, Eyes 2027 Output

August 19, 2025
MGB releases top mining contributors in reforestation

New Knowledge Platform for Small-Scale Mining Pushed by MGB and AGC

August 19, 2025

EDITOR PICK'S

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

August 22, 2025

ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1

August 20, 2025

Celsius Advances Benguet Copper-Gold Project, Eyes 2027 Output

August 19, 2025

New Knowledge Platform for Small-Scale Mining Pushed by MGB and AGC

August 19, 2025

Benguet Corp H1 Net Income Up 133% to PHP 623.9M on Strong Gold, Nickel Sales

August 19, 2025

Copper-to-Crops: India’s Kiri Industries Targets Integrated Plant in PH

August 19, 2025

China, Indonesia Drive Philippine Nickel Shipments Past $600M

August 18, 2025

Recent News

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

August 22, 2025
ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1

ORE Posts 157M Loss Despite Shipment Volumes and Prices in H1

August 20, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In