PROPOSALS to hike taxes on mining will be discussed by the House of Representatives but are unlikely to prosper during the current session, a legislator said.
“We will wait for the Finance department’s suggestions but I don’t think we have enough time to pass it until June next year,” House ways and means committee chairman Hermilando I. Mandanas (2nd district, Batangas) said, adding that Congress barely has seven months until the second regular session ends.
“Besides, we have too many taxes already,” Mr. Mandanas said in a telephone interview Friday.
Aside from a pending House bill aiming to increase the mining excise tax to 7% from 2%, the Department of Finance has said it could push for a 5% royalty on top the 2% excise tax, a carbon tax and a mineral resource rent tax.
Mr. Mandanas also noted that crucial measures would have to be addressed during the current session, as congressmen would soon be turning their thoughts to the 2013 midterm elections.
The second regular session ends in June 2012.
“We will discuss the proposal as soon as the Finance department submits the draft but the legislative mill is not easy to survive,” Mr. Mandanas said.
Senate ways and means committee Chairman Ralph G. Recto was not immediately available for comment. He has filed a bill increasing excise taxes on mining and quarrying.
==============================================================================
By: Noemi Gonzales
Source: Business World, Nov. 27, 2011
To view the original article, click here.
Subscribe to the Arangkada NewsRoom via RSS
Comment here