Be the first to like this
Philippines: Reform of the Fiscal Regimes for Mining and Petroleum; IMF Country Report No. 12/219; June 1, 2012
The primary focus of the mission was the fiscal regime for the mining sector. The reason for this is the mining sector is much larger than the petroleum sector, and the concern, expressed in some quarters, that the mining sector is not paying its fair share. One indication
of low contribution of the mining sector to government revenue is that mining sector’s payments to government as a share of total taxes is less than the mining sector’s share of GDP. The mining sector’s low contribution to government revenue is, in part, due to the
mining sector comprising mostly small-scale mines (with about 34 percent of total value mining production) do not pay a lot of tax, older mines that are in their twilight years, and a few new mines that are enjoying tax holidays.