By Dennis Legaspi
Gerry H. Brimo, Chairman of the Chamber of Mines of the Philippines, led a delegation of directors and officers of the large scale metallic mining group in presenting to the reporters and editors of the Manila Bulletin the chamber’s position on Senate Bill 1979 or “The Taxation of Mineral Products”.
The bill seeks to amend Republic Act 8424 otherwise known as “The National Internal Revenue Act of 1997”.
The Chamber of Mines sees the imposition of additional taxes on the industry on top of existing taxes and royalties will make the Philippines as the “most taxed” jurisdiction in the world.
Mr. Brimo also presented the revenue potential of the mining sector should it be allowed to operate without the many restrictions imposed on it.