Mining Tax Become the Target of Government

The Philippines government intends to impose far heavier taxes and tougher environmental restrictions on the tap industry, President Benigno Aquino says. Aquino told AFP a review of the countrys tap policies was close to being finished, and the government would probably require altogether mine companies to start paying the government a hefty contribution of revenues. Aquino said the government currently only received a two per centime excise tax. We are now reviewing what is bonny ... we get two per cent of the profit and 100 per cent of the risks. That doesnt seem fair, he said. Aquino said the government was looking at efforts by the Australian government to generate more coin from the mining sector, where a 30 per cent tax on extraordinary profits of coal and ore producers will start in July. He said a 50-50 revenue sharing apprehension was even being considered, although he emphasised the policy had not been finalised and refused to signal what percentage the government was hoping for other than a fair share. The Philippines is believed to have some of the biggest mineral reserves in the universe of discourse - the government estimates the country has at least $US840 billion ($A794 billion) in gold, copper, nickel, chromite, manganese, silver and iron.

However the minerals have been largely untapped, partly because of a strong anti-mining movement led by the influential Catholic Church, while poor infrastructure and security concerns have too kept investors away. Aquino said the new mining policy would object lens to regulate the industry much more closely and attain certainty to investors. But he signalled the government was not terrible to cash in on the global commodities boom, pointing out the mining sector played only a small office in the nations economy and created many environmental risks. They (miners) deed they contribute quite a big amount to the study economy but at the end of the day its unfeignedly just two per cent, he said. Aquino... If you want to get a full essay, order it on our website: Orderessay

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