Republic Act No. 4888

Concise Explanation: Republic Act No. 4888 amends Subparagraph (c) of the first paragraph of Section 188 of Commonwealth Act No. 466. The primary purpose is to re-equalize incentives related to agricultural, fisheries, minerals, and mineral products within the context of percentage tax.

Concise Explanation: The amendment specifically addresses the exclusion of certain transactions from the percentage tax calculations imposed by Sections 184, 185, and 186 of Commonwealth Act No. 466.
Key Definitions Introduced:
- Minerals and Mineral Products: This term encompasses all minerals and mineral products sold, bartered, or exchanged, whether in their original state or otherwise.
Important Requirements:
- Transactions involving minerals and mineral products by the lessee, concessionaire, or owner of the mineral land are excluded from the percentage tax.
Relevant Timeframes:
- The Act takes effect immediately upon its approval.
Penalties, Liabilities, or Consequences:
- The document does not specify any penalties or liabilities associated with the amendment.

Concise Explanation: The Act shall become effective immediately upon its approval.
Important Details:
- Approved on June 17, 1967.

Relevant Laws/Regulations:
- Commonwealth Act No. 466, specifically the sections addressing percentage tax (Sections 184, 185, and 186).

Republic Act No. 4888 amends definitions and exclusions related to the percentage tax on transactions involving minerals and mineral products.
The amendment aims to provide clarity and fairness in the tax treatment of these commodities.
Immediate effectivity upon approval ensures prompt implementation of the changes.