Philippines: Reform of the Fiscal Regimes for Mining and Petroleum

August 3, 2012

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Philippines: Reform of the Fiscal Regimes for Mining and Petroleum, (USA: International Monetary Fund, 2012) accessed December 21, 2024

Summary

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.

Subject: Corporate income tax, Economic sectors, Environment, Income and capital gains taxes, Mining sector, Non-renewable resources, Oil, gas and mining taxes, Taxes

Keywords: Africa, Corporate income tax, CR, Excise tax, Fiscal regime, Gas and mining taxes, Government share, Income and capital gains taxes, ISCR, Mining sector, Non-renewable resources, Oil, Tax revenue, Withholding tax

Publication Details

Pages:

57
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/219
Stock No:

1PHLEA2012004
ISBN:

9781475506044
ISSN:

1934-7685

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