SUMMARY
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The timing of tax payments was at the core of why the first shipment of copper-gold concentrates from the Philippines’ first fully foreign-owned large scale mine did nor proceed as planned on Monday, February 25. Australian miner OceanaGold said its Didipio mine in Nueva Vizcaya province is covered by a 5-year tax exemption period under its Financial and Technical Assistance Agreement (FTAA) permit. The tax bureau chief insisted, however, that a 2% excise tax was triggered when the mine started processing ores in December 2012. The Didipio mine is the first mining tenement in the Philippines to operate under the FTAA regime.
Read more on Rappler.
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