REPUBLIC ACT No. 1510
AN ACT TO FURTHER AMEND SECTION TWO HUNDRED FORTY-SIX OF THE NATIONAL INTERNAL REVENUE CODE BY PROVIDING THAT TEN 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 AND TEN PER CENTUM TO THE PROVINCE 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, as amended by Republic Act Numbered Eight hundred thirty-four, is further amended to read as follows:
"Sec. 246. Definition of the terms "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...
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Republic Acts
An Act To Further Amend Section Two Hundred Forty-Six of the National Internal Revenue Code By Providing That Ten 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 and Ten Per Centum To the Province Where the Mines Are Situated.
Republic Act No. 1510
Summary of Republic Act No. 1510
Definition of "Gross Output"
- "Gross output" is defined as the actual market value of minerals, mineral products, or bullion from each mine or mineral land operated as a separate entity, without any deductions for expenses.
- If the minerals or products are sold or consigned abroad under C.I.F. terms, the actual cost of ocean freight and insurance shall be deducted. (Section 1)
- The output of any group of contiguous mining claims shall not be subdivided. (Section 1)
Distribution of Royalties and Ad Valorem Taxes
- 10% of the royalties and ad valorem taxes shall accrue to the municipality where the mines are situated. (Section 1)
- 10% of the royalties and ad valorem taxes shall accrue to the province where the mines are situated. (Section 1)
- 80% of the royalties and ad valorem taxes shall accrue to the National Treasury. (Section 1)
Effective Date
- The Act shall take effect upon its approval. (Section 2)
Definition of "Gross Output"
- "Gross output" is defined as the actual market value of minerals, mineral products, or bullion from each mine or mineral land operated as a separate entity, without any deductions for expenses.
- If the minerals or products are sold or consigned abroad under C.I.F. terms, the actual cost of ocean freight and insurance shall be deducted. (Section 1)
- The output of any group of contiguous mining claims shall not be subdivided. (Section 1)
Distribution of Royalties and Ad Valorem Taxes
- 10% of the royalties and ad valorem taxes shall accrue to the municipality where the mines are situated. (Section 1)
- 10% of the royalties and ad valorem taxes shall accrue to the province where the mines are situated. (Section 1)
- 80% of the royalties and ad valorem taxes shall accrue to the National Treasury. (Section 1)
Effective Date
- The Act shall take effect upon its approval. (Section 2)