Accelerating mining revenue shares: A win-win for LGUs and the PHL mining industry

  • 📰 BusinessMirror
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 59%

Business News News

Business Business Latest News,Business Business Headlines

The recent expressions of support from Senate President Francis Joseph G. Escudero and Senator Joseph Victor G.

Ejercito for expediting the computation and downloading of mining revenue shares to local government units mark a pivotal moment in the ongoing discourse surrounding the rationalization of mining fiscal regimes in the country.During a Senate Committee on Ways and Means hearing, Assistant Secretary Karlo Fermin S. Adriano of the Department of Finance shed light on the prolonged process that currently hampers the timely distribution of mining revenue shares to LGUs.

The proposed amendments to the mining fiscal regime, as outlined by the Department of Finance, present a comprehensive framework aimed at simplifying current practices and enhancing revenue collection mechanisms. By introducing measures such as royalty taxes, windfall profit tax mechanisms, and provisions for transparency and accountability, the government seeks to create a stable and predictable environment that fosters economic growth while safeguarding the interests of all stakeholders.

The support extended by Chamber of Mines Chairman Michael T. Toledo further underscores the industry’s commitment to fostering a fair and equitable mining landscape. By aligning with the government’s initiatives to enhance revenue sharing and promote sustainable mining practices, the Chamber exemplifies a collaborative approach towards harnessing the country’s mineral resources for the collective benefit of all stakeholders.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 19. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Accelerating regional growth, global investmentTHE Italian Chamber of Commerce in the Philippines is once again spearheading an event entitled '3rd Subic/Clark Business Conference,' which is part of the Regional Development Conference Series (RDC) to be held at the Mayuree Ballroom of Dusit Thani Manila on August 30.
Source: TheManilaTimes - 🏆 2. / 92 Read more »