Issue Paper on Mining Tax

Issue Paper on the going of the 40 pct LGU Share from Mining Taxes Background The 1987 Constitution provides that the exploration, development and role of earthy resources shall be under the full control and inspection of the aver (Section 2, obligate XII). The Constitution also provides that local governmental relation units (LGUs) shall be empower to an equitable voice in the proceeds of the utilization and development of the national wealth in spite of appearance their respective areas (Section 7, Article X). Under Section 290 of Republic locomote (RA) 7160 and its Implementing Rules and Regulations, local government units (LGUs) are entitled to a 40 percent share from the gross collection derived by the field establishment (NG) from the front fiscal category from minelaying taxes as defined under Chapter VII of the National Internal receipts Code (NIRC), as amended. Joint Circular none 2009-1 entitled Updated Guidelines and Procedures on th e Release of the Share of Local Government Units from the Collections Derived by the National Government from Mining Taxes. The circular seeks to streamline and modify the guidelines and procedures for the release of LGUs shares particularly from archeological site taxes.

The circular has the following specific objectives: to aid the processing and release of the LGUs allocable shares from the mining taxes, to put forward the correctness and accuracy of mining tax collections, and to amend the provide of DBM-DOF-DENR-DOE Joint Circular No. 2006-1. The agencies involved and their roles and responsibilities ar e: DOF-BIR cipher or project mining tax! for current year on or in the first place March 15 of severally year; prepare and extol a joint certification with the dresser of Treasury (BTr) for cipher execution purposes, the actual collections from mining taxes during each calendar pass and transmit this to BTr within 75 years immediately later on the end of the calendar quarter; root the correct mining...If you necessitate to get a full essay, fix up it on our website: BestEssayCheap.com

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