Issue Paper on Mining Tax

Issue Paper on the going of the 40 percent LGU Share from Mining Taxes Background The 1987 Constitution provides that the exploration, development and physical exercise 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 entitle to an equitable voice in the proceeds of the utilization and development of the national wealth at heart their respective areas (Section 7, Article X). Under Section 290 of Republic influence (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 theme establishment (NG) from the front fiscal category from digging taxes as defined under Chapter VII of the National Internal tax Code (NIRC), as amended. Joint Circular no. 2009-1 entitled Updated Guidelines and Procedures on the Relea se of the Share of Local Government Units from the Collections Derived by the National Government from Mining Taxes. The circular seeks to streamline and update the guidelines and procedures for the release of LGUs shares particularly from tap taxes.

The circular has the undermentioned specific objectives: to aid the processing and release of the LGUs allocatable 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 are: DOF-BIR cipher or project mining tax for current ye! ar on or forwards March 15 of severally year; prepare and wonder a joint certification with the dresser of Treasury (BTr) for budget execution purposes, the actual collections from mining taxes during each calendar the skinny and transmit this to BTr within 75 years immediately later on the end of the calendar quarter; root the correct mining...If you privation to get a full essay, fix up it on our website: BestEssayCheap.com

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