Issue Paper on Mining Tax

Issue Paper on the going of the 40 per centum LGU Share from Mining Taxes Background The 1987 Constitution provides that the exploration, development and purpose of earthy resources shall be under the full control and management of the aver (Section 2, obligate XII). The Constitution also provides that local political 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 subroutine (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 interior(a) establishment (NG) from the front fiscal category from tap taxes as defined under Chapter VII of the National Internal taxation Code (NIRC), as amended. Joint Circular no. 2009-1 entitled Updated Guidelines and Procedure s 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 exploit taxes.

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

If you want to get a full essay, visit our page: cheap essay