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Passage of fiscal incentives, mining bills to shore up gov’t revenues

Posted on November 4, 2013

By Leslie D. Venzon

MANILA, (PNA) — The passage of fiscal incentives and mining bills will allow the government to generate more revenues.

Filomeno Sta. Ana III, coordinator of Action for Economic Reforms (AER), said incentives should be provided only to companies that are really in need and not to those which are already profitable.

He cited as an example investors intending to put in their money into the green technology sector that can be given incentives as the market is still small.

Sta. Ana also believes that those who will invest in mining sector should not receive incentives.

“Because they will really invest…The domestic market is huge,” he said in a briefing.

The proposed Fiscal Incentives Rationalization bill seeks to streamline the tax breaks for businesses in order to maximize the use of available funds.

“We are supporting legislation that aims to phase out redundant tax incentives that cost billions of pesos in lost revenues and to put in place a well-targeted and a performance-based fiscal incentives system,” AER said in a position paper.

The mining revenue bill, meanwhile, seeks to increase the government’s share in revenue of mining firms from the present two percent to 10 percent.

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