Gov’t wants 8% share from mining
More News from Philippine Daily Inquirer
MANILA, Philippines—The government wants at least 8-percent to as much as 10-percent share of gross revenues from the mining industry, against the previously floated figure of 7 percent, Environment Secretary Ramon Paje said on Friday.
A bill on the proposed revenue-sharing scheme is being prepared and will be ready before the new Congress convenes in late July, he said.
The enactment of such a law would enable the government to again accept applications for mining permits for various forms of mining, he said.
Paje said that while the revenue-share collection should be a fixed portion of gross revenues, it may be collected in various schedules—paid upfront, partially or at the end of a business cycle.
The environment chief earlier noted that under existing laws, about 11 large-scale companies out of about 31 medium- and large-scale miners of metallic minerals pay a 5-percent royalty on top of the 2-percent excise tax.
Paje said the Mining Industry Coordination Council (MICC) is also anticipating the finalization of a list of so-called “no-go zones” in the country where mining will not be allowed.
“There are 78 ecotourism sites as defined by the Department of Tourism, but these are in addition to the existing protected areas which number at about 249,” he said.
Chaired by Paje and Finance Secretary Cesar Purisima, the MICC is a joint committee of the economic development cluster and the climate change cluster of the Cabinet.
Last December, Malacañang said the MICC had narrowed down the options to a percentage of gross margin or to a percentage of gross revenue, where the income tax paid is deducted after computing the government share.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94