DOF rolls out IRR for new mining tax law

The Department of Finance (DOF) has issued the implementing rules and regulations (IRR) for Republic Act 12253, also known as the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which outlines the updated tax, royalty and revenue-sharing provisions of the law.

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The Department of Finance expects to generate P6.3 billion a year in additional revenue from the implementation of the new mining tax law. PHILIPPINE STAR FILE

(PHILIPPINE STAR FILE)

Citing potential revenue gains, the DOF expects to generate an average of P6.3 billion a year in additional revenues from existing mining projects, with higher returns anticipated as new investments come in.

"This is a critical step forward in unlocking the full economic potential of the mining sector while maintaining safeguards for transparency, accountability and protection of the environment," Finance Secretary Frederick Go said.