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MANILA - A House of Representatives panel on Wednesday approved a new fiscal regime for the mining sector, which is expected to generate PHP37.5 billion in its first full year of implementation. The House ways and means committee approved a bill proposing a rationalized and single fiscal regime applicable to all existing and prospective large-scale metallic mines, regardless of location. The committee adopted the version of the Department of Finance, which would "bring the country's effective tax rate on mining (considering all taxes) to 51 percent, up from 38 percent under the current system. Albay Rep. Joey Salceda, committee chair, said this would bring the Philippines "closer to the middle of the pack" among major mining countries, instead of near the bottom of the list. "51 percent is a good number, because it brings us closer to Australia's effective tax rate, at around 51 percent as well, counting royalties. Among major countries, only Chile and South

South africaFerdinand bongbong marcos jrJoey salcedaPresident ferdinandMedium term fiscal frameworkManilaa house of representatives panel on wednesday approveda new fiscal regime for the mining sectorHich is expected to generate php37 5 billion in its first full year of implementation the house ways and means committee approveda bill proposinga rationalized single fiscal regime applicable all existing prospective large scale metallic minesEgardless of location the committee adopted version department financeHich would quot bring the country 39s effective tax rate on mining considering all taxes to 51 percentP from 38 percent under the current system albay rep joey salcedaCommittee chairAid this would bring the philippines quot closer to middle of pack among major mining countriesNstead of near the bottom list quot 51 percent isa good numberEcause it brings us closer to australia 39s effective tax rateT around 51 percent as wellOunting royalties among major countries