A taxing time for Philippines mining

The government of President Benigno Aquino has finally presented its much-heralded new policy on mine taxation for the Philippines. It claims it could make up to US$1 billion from the proposed revenue-sharing scheme, but – unsurprisingly – the Chamber of Mines of the Philippines has said the increase in taxes could kill the industry. The final policy still needs Congressional approval, and with the miners well-represented inside Congress it could make for an interesting debate. UK companies involved in the Phillipines include Glencore Xstrata and Metals Exploration.

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