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Submitted By:
Calibuso, Jopha C.
Submitted To:
Archt. Joeffrey Cardenal
Here are some of the current economic policies that need rethinking, based on PA21:
1) Fiscal and tax regimes of extractive industries
Income tax, custom duties and fees, valueadded tax, tax on interest on foreign loans, tax on foreign
stockholders dividends, documentary stamp tax and capital gains tax are all included in the
five/seven year tax holiday accorded to mining companies by the government. Government share
from the mining industry is a paltry 2% excise tax, from which deductible expenses such as
environmental expenses of the contractor, expenses for the development of host and neighboring
communities and development of geosciences and mining technology, royalty payments to claim
owners or surface owners, general and administrative expenses actually incurred by the contractor,
continuing mine operating development expenses within the contract area after pre-operating period,
interest expenses charged on loans, or such other financing related expenses incurred by
Ecological management