RA 7160_LOCAL GOVERNMENT CODE OF THE PHILIPPINES BOOK 2.pdf

RA 7160_LOCAL GOVERNMENT CODE OF THE PHILIPPINES BOOK 2.pdf...

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THE LOCAL GOVERNMENT CODE OF THE PHILIPPINES BOOK II LOCAL TAXATION AND FISCAL MATTERS TITLE ONE. - LOCAL GOVERNMENT TAXATION CHAPTER 1 - GENERAL PROVISIONS SEC. 128. Scope.- The provisions herein shall govern the exercise by provinces, cities, municipalities, and barangays of their taxing and other revenue-raising powers. SEC. 129. Power to Create Sources of Revenue. - Each local government unit shall exercise its power to create its own sources of revenue and to levy taxes, fees, and charges subject to the provisions herein, consistent with the basic policy of local autonomy. Such taxes, fees, andcharges shall accrue exclusively to the local government units.cralaw SEC. 130. Fundamental Principles. - The following fundamental principles shall govern the exercise of the taxing and other revenue-raising powers of local government units:chanrobles virtual law library (a) Taxation shall be uniform in each local government unit; (b) Taxes, fees, charges and other impositions shall:chanrobles virtual law library (1) be equitable and based as far as practicable on the taxpayer's ability to pay; (2) be levied and collected only for public purposes; (3) not be unjust, excessive, oppressive, or confiscatory; (4) not be contrary to law, public policy, national economic policy, or in restraint of trade; (c) The collection of local taxes, fees, charges and other impositions shall in no case be let to any private person; (d) The revenue collected pursuant to the provisions of this Code shall inure solely to the benefit of, and be subject to disposition by, the local government unit levying the tax, fee, charge or other imposition unless otherwise specifically provided herein; and, (e) Each local government unit shall, as far as practicable, evolve a progressive system of taxation.cralaw SEC. 131. Definition of Terms. - When used in this Title, the term:chanrobles virtual law library
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(a) "Agricultural Product" includes the yield of the soil, such as corn, rice, wheat, rye, hay, coconuts, sugarcane, tobacco, root crops, vegetables, fruits, flowers, and their by-products; ordinary salt; all kinds of fish; poultry; and livestock and animal products, whether in their original form or not. The phrase "whether in their original form or not" refers to the transformation of said products by the farmer, fisherman, producer or owner through the application of processes to preserve or otherwise to prepare said products for the market such as freezing, drying, salting, smoking, or stripping for purposes of preserving or otherwise preparing said products for the market; (b) "Amusement" is a pleasurable diversion and entertainment. It is synonymous to relaxation, avocation, pastime, or fun; (c) "Amusement Places" include theaters, cinemas, concert halls, circuses and other places of amusement where one seeks admission to entertain oneself by seeing or viewing the show or performances; (d) "Business" means trade or commercial activity regularly engaged in as a means of livelihood or with a view to profit; (e) "Banks and other financial institutions" include non-bank financial intermediaries, lending investors,
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  • Spring '17
  • atty. norlyn consebit

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