DOF proposes revised tax reform for mining industry, with a four-tier margin-based royalty, aiming for simplification and revenue increase.
The Department of Finance (DOF) is proposing a revised tax reform measure for the mining industry, aiming to simplify the tax system, ensure government's fair share in mining revenues, and establish good governance in the sector. The DOF's version improves on House Bill (HB) 8937 and proposes a four-tier margin-based royalty ranging from 1.5% to 5% on income from mining operations outside mineral reservations. The proposal is expected to generate approximately P47 billion in incremental revenues from 2024 to 2028.
March 06, 2024
5 Articles