[In the news] Senate bill seeks increase in excise taxes on mining, quarrying | The Philippine Star News Headlines
MANILA, Philippines – In a bid to help the national government generate more revenues and address the problem on the shortage of classrooms in several provinces, Sen. Ralph Recto is pushing for the passage of a bill that will increase the excise taxes on mining and quarrying.
Recto, chairman of the Senate ways and means committee, has filed Senate Bill 2754 seeking to increase the excise tax on minerals, mineral products and quarrying, amending in the process certain sections of the National Internal Revenue Code of 1997.
In his explanatory note, Recto’s bill recommends the increase of the tax imposed on minerals and quarry resources from two percent to seven percent. Although the ad valorem rate guarantees increased tax revenues during periods of high commodity prices, Recto said these increments are volatile.
“With the passage of this bill, the national government can look forward to higher revenues than it has collected in recent years. All things other than the excise tax rates being the same, the government will expect an excise tax collection from minerals and quarry resources amounting to between P1.7 billion to P3.3 billion,” Recto said.
Read full article @ PHILSTAR.com (follow the link above)