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Albany, NY -- (SBWIRE) -- 12/17/2014 -- Synopsis
Timetric's Philippines' fiscal regime report outlines governing bodies, governing laws, mining permit and contracts, mining rights and obligations, and tax-related information on seven commodities: iron ore, coal, copper, zinc, gold, nickel and chromium.
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The Philippines has a variety of mineral resources, including copper, nickel, cobalt, and gold. Deposits are categorized into metals and non-metals. The mining industry is governed by the Department of Environment and Natural Resources (DENR), and the Mines and Geosciences Bureau. The Philippine Mining Act of 1995 is the apex governing law for the country's mining industry.
The report outlines the Philippines' governing bodies, governing laws, mining permits and contracts, mining rights and obligations and key fiscal terms which include royalty, excise tax, corporate income tax, capital gains tax, withholding tax, optional standard deductions, depreciation, loss carry forward and VAT.
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Gain an overview of the Philippines' mining fiscal regime.
The DOE is mandated by the Department of Energy Act of 1992 (RA 7638). It is responsible for coordinating, supervising and controlling all government plans, programs, projects and activities relative to the exploration, development, utilization, distribution and conservation of energy.
The DENR is the main governing body for mineral resources in the Philippines. It is responsible for the management and development of the country's natural resources and environment. Its other responsibilities are to formulate government policies, implement and supervise plans and programs related to the development of natural resources, and regulate the exploration, development and extraction of natural resources.
The Environmental Management Bureau (EMB) was established as the supporting body for the DENR in 1987. In 2002, it became a line bureau with its own offices and independent enforcement authority. The EMB is responsible for pollution prevention and control, and environmental impact assessments.
The Land Management Bureau is a bureau under the DENR. It provides long- and medium-term strategic plans for the land sector, and monitoring and evaluation tools to ensure the achievement of goals. The bureau also develops survey standards and ensures compliance.
The Mine Management Division operates the mineral rights management system, and processes and evaluates applications for mining rights. It also provides the government, mining contractors and the general public with technical assistance.
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