Code q what is the doctrine of implied municipal

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Unformatted text preview: ny lien or holdback that may be 8. ACADEMICS CHAIR: LESTER JAY ALAN E. FLORES II U N I V E R S I T Y O F S A N T O T O M A S VICE CHAIRS FOR ACADEMICS: KAREN JOY G. SABUGO & JOHN HENRY C. MENDOZA Facultad de Derecho Civil VICE CHAIR FOR ADMINISTRATION AND FINANCE: JEANELLE C. LEE VICE CHAIRS FOR LAY‐OUT AND DESIGN: EARL LOUIE M. MASACAYAN & THEENA C. MARTINEZ 191 UST GOLDEN NOTES 2011 ii. Local budgets shall operationalize approved local development plans 10. Local government units shall ensure that their respective budgets incorporate the requirements of their component units and provide for equitable allocation of resources among these component units 9. iii. e. 11. National planning shall be based on local planning to ensure that the needs and aspirations of the people as articulated by the local government units in their respective local development places, are considered in the formulation of budgets of national line agencies or offices 12. Fiscal responsibility shall be shared by all those exercising authority over the financial affairs, transactions and operations of the local government units; and 2. 13. The local government unit shall endeavor to have a balanced budget in each fiscal year of operation(Sec. 305, R.A. 7160) Q: What are the taxes that may be imposed by the LGUs? A: 1. For provinces a. Tax on transfer of real property ownership (sale, donation, barter, or any other mode of transferring ownership): not more than 50% of 1% of the total consideration involved in the acquisition of the property (Sec. 135 R.A. 7160) b. Tax on business of printing and publication: not exceeding 50% of 1% of the gross annual receipt (Sec. 136 R.A. 7160) c. Franchise tax: not exceeding 50% of 1% of the gross annual receipt (Sec. 137 R.A. 7160) d. Tax on sand, gravel and other quarry resources: not more than 10% of the fair market value per cubic meter. Proceeds will be distributed as follows: i. Province‐ 30% 192 Component city or municipality where it was extracted‐ 30% Barangay where it was extracted‐ 40% (Sec. 138...
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