MANILA, Philippines - The mining revenue sharing bill is expected to be submitted to Congress next year, Environment Secretary Ramon Paje said yesterday.
He said the Mining Industry Coordinating Council (MICC) has already submitted the draft bill to the Presidential Legislative Liason Office.
“The MICC has already submitted the draft bill to the legislative liason office last month and, hopefully, it will be filed in Congress next year so it can be deliberated on,†Paje told reporters yesterday.
The current proposal stipulates a 10 percent government share from gross revenues, 40 percent of which should be immediately released to local government units. One percent of the said share should be alloted for indigenous peoples affected by the operations of a mining firm.
“This simpler computation is meant to facilitate ease of collection,†he said.
The draft bill also pushes for the removal of tax incentives for mining companies.
“We are pushing for no more income tax holiday for mining companies,†said Paje.
He said this is meant to deter mining firms from closing operations after exhausting the seven-year income tax holiday.