The commencement of operations for the Tampakan mining project, which holds one of the largest undeveloped copper-gold deposits worldwide, is scheduled for the fourth quarter of this year in South Cotabato.
Sagittarius Mines Inc. (SMI), the operator of the project, announced that preconstruction activities such as land acquisition and the construction of access roads have already begun.
In a recent statement, SMI reported that it has obtained its 2023 business permit from the municipality of Tampakan after paying P24,579 in regulatory and other fees. This comes after the Court of Tax Appeals (CTA) suspended the collection of nearly P400 million in taxes from the company.
SMI also revealed that the provincial board of South Cotabato has deemed several provisions of Tampakan’s Revised Municipal Revenue Code of 2022 as ultra vires (beyond the powers) and onerous. These provisions aimed to impose new or increased business taxes on companies operating in Tampakan. The local government unit has been advised to cease the enforcement of these invalid provisions.
Stella Joy Segocio, the legal and compliance manager of SMI, stated that the decision proves that the company did not engage in fraud or misrepresentation when applying for a business permit.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
