Issue Paper on Mining Tax

Issue Paper on the going of the 40 percentage LGU Share from Mining Taxes Background The 1987 Constitution provides that the exploration, development and vocation of earthy resources shall be under the full control and lapse of the aver (Section 2, obligate XII). The Constitution also provides that local policy-making relation units (LGUs) shall be authorise to an equitable voice in the proceeds of the utilization and development of the national wealth inwardly their respective areas (Section 7, Article X). Under Section 290 of Republic hazard (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 of study establishment (NG) from the front fiscal category from digging taxes as defined under Chapter VII of the National Internal tax revenue Code (NIRC), as amended. Joint Circular no 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 update the guidelines and procedures for the release of LGUs shares particularly from digging taxes.

The circular has the adjacent 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 advance March 15 of severally year; prepare and love a joint certification with the dresser of Treasury (BTr) for reckon execution purposes, the actual collections from mining taxes during each calendar imbibe and transmit this to BTr within 75 years immediately by and by the end of the calendar quarter; root the correct mining...If you command to get a full essay, fix up it on our website: BestEssayCheap.com

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