Legislative History
| House Bill/Resolution NO. HB07994 |
| FULL TITLE : AN ACT AMENDING CHAPTER VII TITLE VI AND SECTION 151, AND CREATING NEW SECTIONS 151-A AND 151-B, OF REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES |
| ABSTRACT : Proposes to resolve the complex and differentiated fiscal regime currently accorded to mining sector through a rationalized and a single fiscal regime applicable to all mineral agreements and FTAA (Financial and Technical Assistance Agreement) to promote fairness.Further proposes to: retain the royalty rate of five percent (5%) for those currently located inside a mineral reservation, and a phased-in-rate for those outside such reservation; to retain the imposition of the corporate income tax (CIT); to impose an additional government share when the basic share is less than fifty percent (50%) of the net mining revenue.Introduces thin capitalization in order for the businesses not to depend on excessive debt funding; and ring-fencing per project to prevent consolidation of income and expenses of all mining projects by the same taxpayer. |
| PRINCIPAL AUTHOR/S : SUANSING, ESTRELLITA B. |
| DATE FILED : 2018-08-01 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Nieto (000 2018-09-26) |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB08400 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2018-08-08 |
Abstract
Proposes to resolve the complex and differentiated fiscal regime currently accorded to mining sector through a rationalized and a single fiscal regime applicable to all mineral agreements and FTAA (Financial and Technical Assistance Agreement) to promote fairness.Further proposes to: retain the royalty rate of five percent (5%) for those currently located inside a mineral reservation, and a phased-in-rate for those outside such reservation; to retain the imposition of the corporate income tax (CIT); to impose an additional government share when the basic share is less than fifty percent (50%) of the net mining revenue.Introduces thin capitalization in order for the businesses not to depend on excessive debt funding; and ring-fencing per project to prevent consolidation of income and expenses of all mining projects by the same taxpayer
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.