Philippines

Reform of the Fiscal Regimes for Mining and Petroleum

• Author(s): International Monetary Fund,
• Publisher: International Monetary Fund
• Pages: 57
• ISBN_10: 1475575335
  ISBN_13: 9781475575330
  
• Language: en
• Categories: Business & Economics / Industries / Natural Resource Extraction , Business & Economics / Taxation / General , Nature / Natural Resources ,

Description:... This Technical Assistance (TA) Report on the Philippines discusses the fiscal regime for the mining sector. The Philippines has long been a producer of minerals, but the mining and petroleum sectors account for only a small share of the economy, exports, and government revenue. The petroleum sector comprises only two fields—one producing natural gas and condensate and one producing crude oil. The TA report suggests legislative reforms of financial and technical assistance agreements (FTAAs), repealing of tax incentives and consolidating all domestic tax rules, and fostering sound environmental practices.