Friday, April 1, 2011
MANILA -- Raising excise taxes on minerals to seven percent from three percent will help build classrooms in mining towns, Senator Ralph Recto said.
Recto filed a bill to raise taxes on mining and quarrying to give the national and local governments a share of P1.7 billion to P3.3 billion in expected revenues.
Under Recto's bill, the National Government will get half of the money collected from raised excise taxes.
The other half will go into the Special Education Fund (SEF) of local governments of provinces, towns, and barangays where quarrying is done.
"With the infusion of additional funds, it is hoped that the perennial shortages of classrooms, tables and chairs, books, teaching aids, and other educational materials will be addressed," he said.(Jonathan de Santos/Sunnex)
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Topic: Recto files bill to raise excise tax on mining (Read 905 times)