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BusinesslVlirrcr

Uondaf, September 30, 2019


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House panel eyes additional'


3%tax on minitrg industry
By lovEE MARrE N. DELACll.Uzt @joyee.ma e come from a 2-percent tax tirat under the current.taxation setup,
will be imposed on the mining on ly mining contractors inside
industry. the mineral reservations pay the
HE House Committee on "In essence, [we'11 have an] ad- royalty tax," said Suansing.
Ways and Means is drafdng ditional 3 percent lexcise tax for
mining industryl," said Salceda.
Suansing said the bill proposes
an equitable imposition of roy-
a bill imposing an additidnal According to Salceda, the future alty on mining operations within
generation must benefit from de and outside mineral reservations,
3-percent tax on the mining industry, pletable resources or non-repeated whether small or large sca1e.
resources of the nation. Thepresentlawrequirespayment
a leader of the lower chamber said on The 18th Congress envisions the of royalty fees only in mining sites
Sunday. billas settingup the updated fiscal
regime for the mining industry.
declared as mineral reservations.
The bill seeks to reduce the roy-
House Ways and Means Senior alty rate of 5 percent to 3 percent
Vice Chairman Estrellita Su for mining contractors within a
Albay Rep. ;o.t5"rte Salceda of Representatives. "I am proposing ansing, who was a lso the princi- mineral reservation.
Albay said the bill will ensure that to increase by 1 percent or from 4 pal author of the bill during the Also, Rep. Johnny Ty Pimentel
the government and the people get percent to 5 percent the excise tax 17th Congress, stressed the need of Surigao del Sur has requested
their fair and rightful share in the on mining," Salceda said. to creaLe a raLionalized and sin- the Department of Finance and
profits from mining operations in Currently, Salceda said mining gle fiscal regime applicable to all the ways and means committee to
the country. operations are taxed 4 percent. mineral agreements to promote consider the position of the min-
This bill is listed among the Salceda said the proposal will fairness. ing sector, as they significantly
priority measure of the Duterte also include the creation of sov "Thjs aims to Ievel the playing contribute to the economy of the
administration and the House of ereign wealth fund, which will field, so to speak, consideringthat Philippines.
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