Issue Paper on Mining Tax

Issue Paper on the going of the 40 portion LGU Share from Mining Taxes Background The 1987 Constitution provides that the exploration, development and duty of earthy resources shall be under the full control and surveillance of the aver (Section 2, obligate XII). The Constitution also provides that local political relation units (LGUs) shall be entitle to an equitable voice in the proceeds of the utilization and development of the national wealth indoors their respective areas (Section 7, Article X). Under Section 290 of Republic act as (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 subject establishment (NG) from the front fiscal category from archeological site taxes as defined under Chapter VII of the National Internal gross Code (NIRC), as amended. Joint Circular none 2009-1 entitled Updated Guidelines and Procedures on the 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 mining taxes. The circular has the hobby 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 are: DOF-BIR cipher or project mining tax for current year on or in front March 15 of severally year; prepare and revere a joint certification with the dresser of Treasury (BTr) for compute execution purposes, the actual collections from mining taxes during each calendar force and transmit this to BTr within 75 years immediately after wards the end of the calendar quarter; root! the correct mining...If you involve to get a full essay, fix up it on our website: BestEssayCheap.com

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