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JUL
04
2013

SBN-457: National Internal Revenue Code (Excise Tax)

An Act Increasing The Excise Tax On Minerals, Mineral Products And Quarry Resources, Amending For The Purpose Certain Sections Of The National Internal Revenue Code Of 1997, as Amended

  • Proposes tax increase on minerals and quarry resources from two percent (2%) to seven percent (7%)
  • The revenue shall be equally divided between the national government (3.5%) and the local government units (3.5%) where the mineral and quarry resources are extracted. The 3.5% share of the NG shall accrue to the National Treasury, while the remaining 3.5% shall be remitted directly to the LGUs as support for the Special Education Fund (SEF) of the LGUs.

 

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