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Marcos needs VAT from partially processed ore exports as an alternative of mining tax hike


Presidesident-elect Bongbong Marcos: ‘What we’re attempting to realize, the specified result’s as an alternative of exporting uncooked ore, we export not less than partially processed ore.’ BBM Media Bureau 

MANILA, Philippines — President-elect Ferdinand Marcos Jr. is contemplating introducing a value-added tax (VAT) on exports of partially processed ore as a substitute for enhance mining taxes.

He, nonetheless, stated that they haven’t selected it with finality and whether or not this effort would wish fiscal measures. 

“On the taxation, we’re attempting to regulate it once more, not so we simply enhance taxes in mining, what we wish to do is to encourage the value-added [taxes ]to the uncooked ore within the Philippines as a lot as doable,” Marcos stated in a press briefing.

“What we’re attempting to realize, the specified result’s as an alternative of exporting uncooked ore, we export not less than partially processed ore so which will value-added [tax] that’s left to the Philippines,” he added.

He made the comment in response to the question whether or not his administration could be eager on pursuing elevated mining taxes, which had been beforehand proposed however couldn’t achieve floor. 

Mining and environmental destruction

Marcos stated that mining, whereas it could assist the Philippines a “nice deal,” operations shouldn’t come on the expense of environmental destruction.

“We now have to view mining, the pure sources, as a nationwide treasure which may help the Philippines an important deal. It’s solely as much as us to make sure that the practices that we see within the mining operations across the nation are such that they’re environmentally impartial,” he stated.

Nevertheless, he stated this “has not essentially been the case.”

“I feel we’re all conscious of a number of the issues which have arisen earlier than. I can not consider that right here within the Philippines, we can not monitor and regulate the mining business sufficiently in order that we are able to have clear mining within the nation,” the President-elect stated.

In December 2021, the Division of Pure Sources lifted its four-year ban on the open-pit mining technique for copper, gold, silver, and complicated ores within the nation.

READ: DENR lifts 4-year ban on open-pit mining

/abc



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