Inquirer
New fiscal rules on mining seen to yield additional P6.3B
The Department of Finance (DOF) has released the implementing rules and regulations (IRR) for Republic Act 12253, the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act.
The new law simplifies mining taxes and tightens oversight of large-scale metallic mining operations.
Finance Secretary Frederick Go anticipates an additional P6.3 billion in annual revenues from existing mining projects due to the new regime.
Key provisions in the IRR include royalty rates of 5 percent for operations within mineral reservations and a margin-based royalty ranging from 1 to 5 percent for projects outside reservations.
A windfall profits tax, ranging from 1 to 10 percent, is also imposed on profit margins between 30 and 75 percent.
The IRR also introduces 'ring-fencing,' which prevents operators from consolidating income and costs across different projects or offsetting losses against profits for tax calculations, treating each project as a separate taxable entity.
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