Bantay Kita
  • Home
  • Updates
  • Resources
    • Videos
    • Presentations
    • Publications
    • Photos
    • Policies >
      • Current
      • Pending
    • Infographics
    • Modules
  • About Us

House panel fast tracks mining fiscal regime

10/9/2018

0 Comments

 
Bantay Kita questions the decision of the House of Representatives – Committee on Ways and Means in fast-tracking the approval of the unnumbered substitute bill to establish the fiscal regime for the mining industry.
 
The bill proposes a margin-based royalty on income for all metallic mining operations outside mineral reservations i.e. margin of 1% up to 10% shall pay 1 percent royalty. The Committee also lowered royalty payments of mining operations within mineral reservation, from 5 percent to 3 percent.
 
The Committee on Ways and Means also accepted the motion to remove provision on surcharge and banning open pit mining. Speaker Gloria Macapagal-Arroyo who proposed provision agreed into its deletion – this is contradictory to her recent pronouncements to push for a total ban on open pit mining in the Philippines.
 
Bantay Kita consistently proposes 5 percent mineral royalty payments on all mining operations that would add a total of at least Php 2.5 billion to government revenue. This is also administratively more feasible in terms of transparency and ease of collection. Royalties are to guarantee payments to the government as resource owner. The margin-based royalty on income of operations will not ensure payments for minerals, and if royalty is profit-based, the government will be collecting less over the mine life. Also, will profit information be publicly disclosed so that the community can monitor proper payment of taxes? Will the costs of operations be disclosed publicly? Congress should ask for simulation of tax collection – the government might end up with even lower tax take before the increase in excise tax.
 
Bantay Kita appeals to the Congress to approve tax regime that ensures fair and equitable share from the one-time extraction of the country’s mineral resources.
0 Comments

    Previous Posts

    September 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    October 2023
    September 2023
    March 2023
    October 2021
    April 2021
    November 2020
    October 2020
    September 2020
    March 2020
    November 2019
    August 2019
    April 2019
    March 2019
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    March 2017
    February 2017
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    March 2015
    February 2015
    January 2015
    November 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    March 2014

    Topics

    All
    2016
    Activities
    Benefical Ownership
    Coal
    CSO
    Eiti
    Mining
    NatCon
    National
    OGP
    Semirara
    Transparency

      Subscribe to Updates now!

    Subscribe to Newsletter

What We Do

Advocacy
Research
Subnational
​Capacity-Building

Know More

Photos
Presentations
Publication
Policies
Infographics
Modules​

About Us

Secretariat
History
Reports
Contact Us
Contact Us
[email protected]  | +(63) 917 5105 879
1402 West Trade Building, West Avenue,
​Brgy. Phil-Am, Quezon City, Philippines
  • Home
  • Updates
  • Resources
    • Videos
    • Presentations
    • Publications
    • Photos
    • Policies >
      • Current
      • Pending
    • Infographics
    • Modules
  • About Us