Albay Representative Joey Salceda proposed a new tax regime that aims to increase taxes imposed on mining firms for the development of mine projects of future administrations.
“We are working on it already. I’m doing the paperwork, I’m talking to people, I’m talking to advocates,†Salceda was quoted saying in a Philippine Star report.
The said bill aims to raise the excise tax rate from four percent to five percent along with an additional two percent tax imposed on the gross revenues of mining corporations which will be used to establish a sovereign wealth fund.
Salceda claimed in the report that this will benefit the future generations, especially with minerals being non-renewable resources.Â
The accumulated collection for the proposed sovereign wealth fund will be used by the next administration and not by the current – this means that the funds generated in the last three years of the current administration will be used by the next, and the accumulated funds by the next administration will be used by his successor.
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