During an industry luncheon on Friday, Philippine Nickel Industry Association President Dante Bravo highlighted the need for a uniform tax treatment for mining companies. He said that the current 2-percent tax rate imposed by local government units is burdensome for mining companies.'We hope for a standardization of the tax treatment for local government units and for mining companies to be classified as contractors or exporters,' Bravo said.
Philippine Nickel Industry Association President Dante Bravo answers questions during a luncheon discussion hosted by the Philippine Mining Club on July 26, 2024 at Bonifacio Global City. Also in photo is Philippine Mining and Exploration Association President Joey Nelson Ayson , who is the event’s emcee.
He added that despite being registered with some government agencies, such as the Department of Trade and Industry, and the Bureau of Internal Revenue as exporters, local government units still classify their companies as mining firms.The PNIA chief said that the proposed classification as an exporter could lower the tax burden to 1 percent, which he said was more feasible given the current state of the sector.'We are aiming for a uniform tax treatment and a simplified process...