Republic Act No. 4888: An act amending subparagraph (c) of the first paragraph of section one hundred eighty eight of commonwealth act numbered four hundred sixty six as amended

Republic Act No. 4888

An act amending subparagraph (c) of the first paragraph of section one hundred eighty eight of commonwealth act numbered four hundred sixty six as amended

An Act Amending Subparagraph (c) of the First Paragraph of Section One Hundred Eighty Eight of Commonwealth Act Numbered Four Hundred Sixty Six as Amended

In plain language

This Republic Act amends Subparagraph (c) of the first paragraph of Section 188 of Commonwealth Act No. 466 as amended, modifying the list of transactions and persons not subject to percentage tax, particularly concerning minerals and mineral products.

Amendment to Subparagraph (c) of Section 188 of Commonwealth Act No. 466

Modification of the exclusion list for minerals and mineral products in percentage tax calculations

Tax law

Commodity

Mineral

Percentage tax

Amendment

REPUBLIC ACT No. 4888

An Act Amending Subparagraph (c) of the First Paragraph of Section One Hundred Eighty Eight of Commonwealth Act Numbered Four Hundred Sixty Six as Amended

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Subparagraph (c) of the first paragraph of Section one hundred eighty-eight of Commonwealth Act Numbered Four hundred sixty-six, as amended is hereby further amended as follows:

> "Sec. 188. Transactions and persons not subject to percentage tax. In computing the tax imposed in Sections One hundred eighty-four, One hundred eighty-five, and Hundred eighty-six transactions in the following commodities shall be excluded: > > "(a) "(b) "(c) Minerals and mineral products, whether in their original state or not when sold, bartered, or exchanged by the lessee, concessionaire or owner of the mineral land from which removed.

x x x x x x x x x

Section 2

This Act shall take effect upon its approval.

Approved: June 17, 1967.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.