Phu Bia Mining makes advance tax payment of US$25 million
Phu Bia Mining (PBM) has made an advance profit tax payment of US$25 million to the government of Laos for the 2011 calendar year.
PBM Chairman Mr Chanpheng Bounnaphol presented the payment to Tax Department Director General Ms Manivone Insisiengmay last Thursday, according to a press release from the mining company.
“Phu Bia Mining is pleased to make this advance tax payment as part of its contribution to the government, people and economy of Laos,” Mr Chanpheng said.
PBM's 2011 profit tax calculation will exceed US$40 million. This forms a portion of the company's broader direct contribution to the Lao economy.
“Phu Bia Mining's direct contributions to the government of Laos increased in 2011. This growth will continue with the imminent commencement of operations at the company's Ban Houayxai Gold-Silver Operation,” PBM Executive General Manager Mr Rob Usher said. The company's direct contribution to the government of Laos for 2011, which includes taxes, royalties and other fees, tot aled over US$80 million.
