MANILA -- Governments of resource-rich Asian countries are slapping new levies and tightening screws on mining companies, hoping to extract more revenue from natural assets to cover ballooning infrastructure and public works costs.
In the next round of Philippine President Rodrigo Duterte's tax reform program, the Finance Department plans to impose a royalty tax equivalent to 5% of the market value of mineral products extracted or produced. The levy is to be based on gross output and exclusive of all other taxes, and will be imposed on sites declared to have mineral reserves, according to local media reports.
