(Bloomberg) -- The Philippines, which may have $1 trillion in mineral wealth, might unify the overall tax rate for some new mine projects by doubling the sum paid by less- profitable ventures, according to a draft order.
The companies will pay 50 percent of revenue after expenses irrespective of their so-called rate of return, according to a copy of a draft order obtained by Bloomberg. Previously, those with a rate of return less than 20 percent paid 25 percent of revenue after expenses, while those above 20 percent paid 50 percent of revenue. The order would remove the lower rate.
Read more at Bloomberg Emerging Markets News
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment