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.
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