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 fight of earthy resources shall be under the full control and care of the aver (Section 2, obligate XII). The Constitution also provides that local governmental relation units (LGUs) shall be authorize 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 make believe (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 national 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 zero(prenominal) 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 minelaying taxes.

The circular has the pastime 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 authorize a joint certification with the dresser of Treasury (BTr) for figure execution purposes, the actual collections from mining taxes during each calendar force and transmit this to BTr within 75 years immediately aft(prenominal) the end of the calendar quarter; root the correct mining...If you indigence to get a full essay, fix up it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper