Mines Council approves revenue-sharing scheme

The Mineral Industry Coordinating Council (MICC), an interagency body tasked to oversee reforms in the mining sector, has approved the revenue-sharing scheme for the industry, which will levy a 10 percent tax on gross revenues or a 55-percent share of the adjusted net mining revenues (ANMR) of companies, whichever is higher.

“The government will get the larger portion in the sharing agreement,” Mines and Geosciences Bureau (MGB) Director Leo Jasareno told The Manila Times in a telephone interview over the weekend.