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COMP added that the industry’s effective 38% tax rate shown during the committee hearing was out of date as if the report was done in 2000, following the doubling of tax on mineral products under Republic Act 10963 or the Tax Reform for Acceleration and Inclusion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

SMPC Earns Five Honors at Regional Investor Awards
News

SMPC Earns Five Honors at Regional Investor Awards

July 14, 2025
Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices
News

Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

July 12, 2025
Misamis Oriental Gov. Juliette Uy Calls for Crackdown on Illegal Mining in Opol, Manticao
News

Misamis Oriental Gov. Juliette Uy Calls for Crackdown on Illegal Mining in Opol, Manticao

July 3, 2025
FNI registers Php 1.9B net income for 2021
News

PH Nickel Miner FNI Recognized for Legal Excellence in Asia

July 1, 2025
Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise
News

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

June 25, 2025
Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment
News

Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

June 24, 2025

FEATURED POST

SMPC Earns Five Honors at Regional Investor Awards

SMPC Earns Five Honors at Regional Investor Awards

July 14, 2025
Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

July 12, 2025
Misamis Oriental Gov. Juliette Uy Calls for Crackdown on Illegal Mining in Opol, Manticao

Misamis Oriental Gov. Juliette Uy Calls for Crackdown on Illegal Mining in Opol, Manticao

July 3, 2025
FNI registers Php 1.9B net income for 2021

PH Nickel Miner FNI Recognized for Legal Excellence in Asia

July 1, 2025

EDITOR PICK'S

SMPC Earns Five Honors at Regional Investor Awards

July 14, 2025

Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

July 12, 2025

Misamis Oriental Gov. Juliette Uy Calls for Crackdown on Illegal Mining in Opol, Manticao

July 3, 2025

PH Nickel Miner FNI Recognized for Legal Excellence in Asia

July 1, 2025

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

June 25, 2025

Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

June 24, 2025

SMPC Earns Gold in FinanceAsia Awards for Outstanding Corporate Governance and Management

June 23, 2025

Recent News

SMPC Earns Five Honors at Regional Investor Awards

SMPC Earns Five Honors at Regional Investor Awards

July 14, 2025
Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

July 12, 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