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This page features the full text of
Republic Act No. 7729
AN
ACT REDUCING THE EXCISE TAX RATES ON METALLIC AND NON-METALLIC MINERALS
AND QUARRY RESOURCES, AMENDING FOR THE PURPOSE SECTION 151(a) OF THE
NATIONAL
INTERNAL REVENUE CODE, AS AMENDED.
REPUBLIC
ACT NO. 7729AN
ACT REDUCING THE EXCISE TAX RATES ON METALLIC AND NON-METALLIC MINERALS
AND QUARRY RESOURCES, AMENDING FOR THE PURPOSE SECTION 151(a) OF THE
NATIONAL
INTERNAL REVENUE CODE, AS AMENDED.
SECTION
1. Section 151(a) of the National
Internal Revenue Code, as amended, is hereby further amended to read as
follows:
"Sec.
151. Mineral Products. — (a)
Rates of Tax. — There shall be levied, assessed and collected on
mineral,
mineral products and quarry resources, excise tax as
follows: "(1) On
coal and coke, a tax of ten pesos (P10.00) per metric ton.chanrobles virtual law library "(2) On
non-metallic minerals and quarry resources, a tax of two percent (2%)
based
on the actual market value of the annual gross output thereof at the
time
of removal, in the case of those locally extracted or produced; or the
value used by the Bureau of Customs in determining tariff and customs
duties,
net of excise tax and value-added tax, in the case of importation.chanrobles virtual law library
"(3) On
all metallic minerals, a tax based on the actual market value of the
gross
output thereof at the time of removal, in the case of those locally
extracted
or produced; or the value used by the Bureau of Customs in determining
tariff and customs duties, net of excise tax and value-added tax, in
the
case of importation, in accordance with the following schedule:
"(a) Copper
and other metallic minerals: "(i) On
the first three (3) years upon the effectivity of this Act, one percent
(1%);
chanrobles virtuallaw libraryred"(ii) On
the fourth and fifth year, one and a half percent (1 1/2%); and
"(iii) On
the sixth year and thereafter, two percent (2%).
"(b) Gold
and chromite, two percent (2%).chanrobles virtual law library "(4) On
indigenous petroleum, a tax of fifteen percent (15%) of the fair
international
market price thereof, on the first taxable sale, such tax to be paid by
the buyer or purchaser within 15 days from the date of actual or
constructive
delivery to the said buyer or purchaser. The
phrase 'first taxable sale, barter, exchange or similar transaction'
means
the transfer of indigenous petroleum in its original state to a first
taxable
transferee. The fair international
market price shall be determined in consultation with an appropriate
government
agency.chanrobles virtual law library "For
the purpose of this subsection, 'indigenous petroleum' shall include
locally
extracted mineral oil, hydrocarbon gas, bitumen, crude asphalt, mineral
gas and all other similar or naturally associated substances with the
exception
of coal, peat, bituminous shale and/or stratified mineral
deposits."
Sec.
2. The Secretary of Finance shall,
upon the recommendation of the Commissioner of Internal Revenue,
promulgate
the necessary rules and regulations for the effective implementation of
this Act.
Sec.
3. All laws, decrees, orders,
rules, and regulations, or parts thereof, inconsistent with the
provisions
of this Act, are hereby repealed or modified accordingly.chanrobles virtual law library
Sec.
4. This Act shall take effect
fifteen (15) days after its complete publication in the Official
Gazette
or in at least two (2) national newspapers of general circulation
whichever
comes earlier.
Approved:
June
2, 1994
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