Congress urged to pass measure imposing margin-based taxes, royalties for mining firmsPresident Ferdinand "Bongbong" Marcos Jr. delivering his speech as he awards 13 mining firms of the 2023 Presidential Mineral Industry Environmental Award on Oct. 16, 2024. “As we look ahead, I urge all our dedicated agencies and esteemed members of Congress to support the Rationalization of the Mining Fiscal Regime,” he said. RELATED: No mining expansion needed for Philippines' energy shift – think tankBut what does this mean for mining companies if the Marcos administration’s Rationalization of the Mining Fiscal Regime is passed? Margin-based royaltiesThe House version of the mining fiscal regime is looking to impose royalties on income generated by mining companies. The highest possible tax is 10%, which is imposed on income equivalent to more than 80% of a mining operation’s gross output.

Source: Philippine Star October 16, 2024 18:47 UTC