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PRESIDENTIAL DECREE NO. 1887
PRESIDENTIAL DECREE NO. 1887 -
FURTHER AMENDING PARAGRAPH (1) OF Section 6 OF REPUBLIC ACT NO. 1828,
AS AMENDED BY REPUBLIC ACTS NOS. 2077 AND 4167 AND PRESIDENTIAL DECREES
NOS. 1001, 1714 AND 1824
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WHEREAS,
the sustained development of the Surigao Mineral Reservation is of
utmost importance to the national economy;chanroblesvirtualawlibrary
WHEREAS, the tax exemption granted to the operator under Paragraph (1)
of Section 6 of Republic Act No. 1828, as amended, will expire on 31
December 1983; and
WHEREAS, in view of the continued depressed world prices of nickel and
cobalt, the development of the Surigao Mineral Reservation is seriously
endangered unless the tax incentives granted to the operator are
further extended.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order the further amendment of Paragraph (1) of Section 6 of
Republic Act No. 1828, as amended, as follows: chanroblesvirtualawlibrary
Section 1. Paragraph (1) of Section 6 of Republic Act
No. 1828, as amended, is hereby further amended to read as follows:cralaw:red
(1) The operator shall be paid for services rendered
and expenditures incurred beginning with the end of the first year
after the effective date of the contract the sum of one peso (P1.00)
per year, and the operator shall receive by way of additional
compensation, an amount equivalent to a portion of the gross annual
receipts, from all minerals, mineral and metal products, and
by-products resulting from the operation, processing, and disposition
thereof computed such that the Government shall retain not less than
three and one-half per centum of the gross annual receipts, f.o.b.
point of exports: Provided, that the operator shall, until December 31,
1988, be exempt from all taxes, duties, fees and charges, both national
and local, directly payable by it for any work or activity, equipment,
machinery, materials, instruments, supplies, accessories, structures,
buildings, lands, improvements and/or other properties directly
connected with or needed and to be used or being used exclusively in
the operation, other than those provided in this Act and except those
fees and charges that are imposed for work or services actually
rendered to the operator; Provided, however, that the operator shall
put the area or areas covered by the contract into actual production
within five years from the effective date of the contract. Thereafter,
penalties may be applied against the operator for failure to effect
such production within specific time period, as may be agreed upon: And
provided, further, that exemptions from taxes shall not extend to taxes
due from contractor's personnel in their personal capacities.
Section 2. All provisions of Republic Act No. 1828,
as amended, the Memorandum of Agreement and the Operating Contract,
dated July 3, 1968, executed between the Republic of the Philippines
and Marinduque Mining & Industrial Corporation and all other laws,
decrees, executive orders, or parts thereof, inconsistent with this
Decree are hereby repealed, modified and/or amended accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 15th day of October, in the year of Our Lord, nineteen hundred and
eighty-three.
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