Mining body finalizes sharing scheme with govt

The Mining Industry Coordinating Council (MICC) has submitted to the legislative liaison office the final draft of the new mining revenue sharing scheme for endorsement of President Benigno Aquino 3rd to Congress.

Environment Secretary Ramon Paje said that the MICC, the interagency body tasked to draft the legislation for revenue sharing in the minerals industry, has agreed to adopt a single taxation system under which the government takes 10 percent of the gross revenue of mining projects.