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COMMONWEALTH ACT NO. 241
COMMONWEALTH ACT NO. 241 - AN ACT TO APPROPRIATE FIVE MILLION PESOS TO BE DISTRIBUTED BY THE SECRETARY OF FINANCE AMONG THE PROVINCES, SUBPROVINCES, CHARTERED CITIES MUNICIPALITIES AND MUNICIPAL DISTRICTS ON THE BASIS OF THE YEARLY AVERAGE OF THEIR SHARES IN PROCEEDS OF THE CEDULA TAX COLLECTED DURING THE YEARS NINETEEN HUNDRED AND THIRTY-THREE, NINETEEN HUNDRED AND THIRTY-FOUR, NINETEEN HUNDRED AND THIRTY-FIVE, NINETEEN HUNDRED AND THIRTY-SIX, AND NINETEEN HUNDRED AND THIRTY-SEVEN, TO COMPENSATE THE SAID BRANCHES OF THE GOVERNMENT FOR THE LOSS FROM THEIR REVENUES ON ACCOUNT OF THE ABOLITION OF THE CEDULA TAX

Section 1. In order to compensate the provinces, sub provinces, chartered cities, municipalities, and municipal districts for the loss which they incur in their respective revenues on account of the abolition of the cedula tax, there is hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, the sum of five million pesos, or so much thereof as may be necessary, to be distributed by the Secretary of Finance among the provinces, sub provinces, chartered cities, municipalities, and municipal districts on the basis of the yearly average of their shares in the proceeds of the cedula tax collected during the years nineteen hundred and thirty-three, nineteen hundred and thirty-four, nineteen hundred and thirty-five, nineteen hundred and thirty-six, and nineteen hundred thirty-seven.

Section 2. The amount to be thus distributed to a province, sub province, chartered city, municipality, or municipal district shall accrue to the provincial, sub provincial, city or municipal funds to which the proceeds of the cedula tax accrued before its abolition.

Section 3. This Act shall take effect on January first, nineteen hundred and thirty-eight.

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Since 19.07.98.

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COMMONWEALTH ACTS