𝗔𝗧𝗠 𝗥𝗲𝗮𝗰𝘁𝗶𝗼𝗻 𝗿𝗲 𝗡𝗲𝘄 𝗠𝗶𝗻𝗶𝗻𝗴 𝗧𝗮𝘅𝗲𝘀 𝗶𝗻 𝗖𝗼𝗻𝗴𝗿𝗲𝘀𝘀
ATM Statement | August 27, 2022
We are supportive of new tax measures on the mining industry, as we believe that the industry is under-taxed compared to other mining countries. We had supported the proposal that royalty tax should be at least 10%. We also proposed a windfall profit tax or super profit tax, but this wasn’t included.
We should remember that the TRAIN Law already reduced the corporate income tax, including mining companies. We also felt the new tax regime should have added a provision on a sovereign wealth fund so that mining taxes can finance education, health and other SDG targets for the next generation. At the end of the day, new and increased taxes will mean very little if the costs of climate change impacts from mining outweigh these taxes.
Except for taxes, mining has very little significant contribution to our economy. Given the impacts to affected communities and the environment, we must ensure our fair share. And this new tax on mining is the nearest we can achieve that.
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