.
Sponsored
by: The
ChanRobles Group
A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the Chan Robles Virtual Law Library.
Search
for www.chanrobles.com
|
|
|
|
| REPUBLIC ACT NO. 834 - AN ACT TO
AMEND SECTION TWO HUNDRED FORTY-SIX OF THE NATIONAL INTERNAL REVENUE
CODE BY PROVIDING THAT FIVE PER CENTUM OF THE ROYALTIES ON MINERAL
LANDS UNDER LEASE AND OF THE AD VALOREM TAXES ON THE OUTPUT OF MINERAL
LANDS NOT COVERED BY LEASE SHALL ACCRUE TO THE MUNICIPALITY WHERE THE
MINES ARE SITUATED |
| Section 1.
Section two hundred forty-six, of Commonwealth Act Numbered Four
hundred and sixty-six, known as the National Internal Revenue Code, is
amended to read as follows: "Section 246. Definition of the term "gross output" — 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 deduction for 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 be deducted. The output of any group of contiguous mining claims shall not be subdivided. 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." Section 2. This Act shall take effect upon its approval. Approved: March 6, 1953 |
chanroblesvirtuallawlibrary
|
|
|
|
|
Harvard Computer Systems, Inc. |
Since 19.07.98.
Search
for www.chanrobles.com
.