Question & AnswerQ&A (Republic Act No. 4888)
The purpose of Republic Act No. 4888 is to amend subparagraph (c) of the first paragraph of Section 188 of Commonwealth Act No. 466 as amended, by re-equalizing incentives to agricultural, fisheries, minerals, and mineral products by excluding certain transactions from percentage tax.
Republic Act No. 4888 amends subparagraph (c) of the first paragraph of Section 188 of Commonwealth Act No. 466, as amended.
Transactions involving minerals and mineral products, whether in their original state or not, sold, bartered, or exchanged by the lessee, concessionaire, or owner of the mineral land from which they were removed, are excluded from the percentage tax.
The persons involved are the lessee, concessionaire, or owner of the mineral land from which minerals and mineral products are removed.
No, the exemption applies to minerals and mineral products whether in their original state or not.
Republic Act No. 4888 took effect upon its approval on June 17, 1967.
The amendment affects the percentage tax imposed under Sections 184, 185, and 186 of Commonwealth Act No. 466.
The amendment re-equalizes incentives and provides exemption from percentage tax for certain transactions involving minerals and mineral products, thereby potentially benefiting lessees, concessionaires, or owners of mineral lands.
No, Republic Act No. 4888 does not mention penalties; it primarily focuses on amending the tax exemption provisions.
While the title mentions re-equal incentives to agricultural, fisheries, minerals, and mineral products, the specific amendment in Section 188 subparagraph (c) pertains to minerals and mineral products. Other incentives for agricultural and fisheries transactions are governed by other provisions.