ENVIRONMENT Secretary Roy Cimatu on Thursday said he is in favor of increasing the excise taxes imposed on mining firms in the country.
"Absolutely yes. It's needed," chief of the Department of Environment and Natural Resources (DENR) told a press conference when asked if he would recommend increasing the excise taxes on mining firms.
To date, Cimatu said mining operators paid the government around two percent excise tax.
Cimatu noted that there was an earlier suggestion of about five percent hike in excise taxes for mining.
He, however, said the government needed to conduct a thorough study to determine the excise tax increase for mining firms.
"There was a study before. There were some proponents before to increase the two percent [excise taxes] to five percent. But mining companies did not want that," Cimatu said.
"But we have to really find out. These are the things that we have to plan properly how much of financial and so forth and so on. Two percent was not enough," he added.
Several measures have been filed in Congress, seeking to raise the excise taxes on mining.
On July 24, President Rodrigo Duterte issued a warning against mining companies to follow government's mining laws or else, he would "tax them to death."
"You are already rich, mining companies. This is my deal for you, either I will raise the taxes and reserve it to compensate for those who are suffering and in agony," the President said.
"You have to come up with a substitute, either to spend to restore the virginity of their source, or I will tax you to death," he added. (VoxPop Philippines)
