IMF Staff Country Reports

Philippines: Reform of the Fiscal Regimes for Mining and Petroleum

Publication Date:

August 3, 2012

Electronic Access:

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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.

Series:

Country Report No. 2012/219

Subject:

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