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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 1299 - AN
ACT AMENDING FURTHER SECTION TWO HUNDRED FORTY-SIX OF COMMONWEALTH ACT
NUMBERED FOUR HUNDRED SIXTY-SIX, AS AMENDED, BY DEFINING THE WORDS
"MINERALS" AND "MINERAL PRODUCTS" (CLARIFICATION IN COLLECTION OF
ROYALTIES AND AD VALOREM TAXES) |
Section 1.
Section two hundred and forty-six of Commonwealth Act Numbered Four
hundred sixty-six, as amended by Republic Act Numbered Eight hundred
thirty-four, is hereby amended to read as follows: "Sec. 246.
Definitions of the terms "gross output," "minerals" and "mineral
products" — Disposition of royalties and ad valorem taxes. — The term
"gross output" shall be interpreted as the actual market value of
minerals or mineral products, or of bullion from each mine or mineral
lands operated as a separate entity without any education from mining,
milling, refining, transporting, handling, marketing, or any other
expenses: Provided, however, That if the minerals or mineral products
are sold or consigned abroad by the lessee or owner of the mine under
C.I.F. terms, the actual cost of ocean freight and insurance shall de
deducted. The output of any group of contiguous mining claims shall not
be subdivided. The word "minerals" shall mean all inorganic substances
found in nature whether in solid, liquid, gaseous, or any intermediate
state. The term "mineral products" shall mean things produced by the
lessee, concessionaire or owner of mineral lands, at least eighty per
cent of which things must be minerals extracted by such lessee,
concessionaire, or owner of mineral lands. Five per centum of the
royalties and ad valorem taxes herein provided shall accrue to the
municipality where the mines are situated, and ninety-five per centum
to the National Treasury." Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 16, 1955 |