House approves bill on mining revenue reforms

RG Cruz, ABS-CBN News

Posted at Nov 12 2018 10:58 PM

MANILA - The House of Representatives approved on Monday a bill seeking reforms on how the government collects revenues from mining operations.

Voting 158-7, congressmen approved on third and final reading House Bill 8400 which aims to rationalize taxes and royalties related to mining, and enhance the government's share in the industry's profits.

The bill says large-scale miners operating outside mineral reservations shall pay the government a margin-based royalty on income from mining operations.

Large-scale miners operating within mining reservations will pay a royalty tax equivalent to 3 percent of gross output, exclusive of all other taxes.

Small-scale miners meanwhile will pay the government a royalty equivalent to a tenth of 1 percent of gross output.

It also says mining firms whether large-scale or small-scale, shall observe fiscal transparency.