New Fiscal Regime For The Mining Industry

In August 2022, the House of Representatives' Committee on Ways and Means approved a bill proposing a new fiscal regime for the Philippine mining industry, following the previous proposal of the Department of Finance (DOF) and which will cover existing and prospective large-scale metallic mine, regardless of location.

At present, mining companies are liable for corporate income tax, excise tax, royalty, local business tax, real property tax, and royalties to indigenous communities, which effectively add up to 38% of a mining company's income. The bill seeks to increase this effective rate to up to 51% through additional royalties, windfall profits tax, export tax, and ring fencing.