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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