‘Uncollected tax from NV mining firms can fill P300-M budget deficit’

By Leander C. Domingo

BAYOMBONG, Nueva Vizcaya -- Officials here said the uncollected excise tax share of the province paid by two large-scale mining companies to the national government can fill the more than P300 million budget deficit gap next year.
    The province is host to foreign-based OceanaGold and FCF Minerals Corp., mining firms operating under a financial or technical assistance agreement or FTAA, and which have been paying their excise taxes to the Bureau of Internal Revenue (BIR).
    The Australian OceanaGold operates the Didipio Gold and Copper Project in the upland village of Didipio in Kasibu town while the British FCF Minerals operates the Runruno Gold-Molybdenum Project in Runruno village in Quezon town.
    The Provincial Treasurer's Office headed by Rhoda Moreno said the province's share from the excise taxes paid by these mining companies to the Bureau of Internal Revenue (BIR) is a major source of funds to augment the budget deficit gap estimated at over P300 million in 2023.
    Moreno said the provincial government is bound to collect its P56.8 million net share of the excise taxes paid by the FCF Minerals Corp. from 2016 to 2022 and P91.7 million net share from OceanaGold from 2018 to 2022.