PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
ACTS
ACT NO. 1686 - AN ACT TO PROVIDE
FOR THE REIMBURSEMENT TO THE PROVINCES AND MUNICIPALITIES OF FIFTY PER
CENTUM OF THE SUMS WHICH THEY WILL LOSE BY REASON OF THE SUSPENSION OF
THE LAND TAX FOR THE LAST HALF OF THE CALENDAR YEAR NINETEEN HUNDRED
AND SEVEN, TO APPROPRIATE FOR SUCH REIMBURSEMENT SUCH SUMS AS MAY BE
NECESSARY FROM ANY FUNDS IN THE INSULAR TREASURY NOT OTHERWISE
APPROPRIATED, AND TO REPEAL SECTION TWO OF ACT NUMBERED FIFTEEN HUNDRED
AND SEVENTY-NINE
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Section 1. Whenever the assessment provided for by Act
Numbered Fourteen hundred and fifty-five, as amended, and Act Numbered
Sixteen hundred and sixty-four, is completed, the provincial boards of
all provinces contemplated in section one of Act Numbered Fifteen
hundred and seventy-nine shall certify to the Executive Secretary the
total assessed valuation of the taxable real property in such provinces
as shown by the total assessed valuation of each of the municipalities
therein. If the Executive Secretary deems the valuations thus certified
to be correct he shall approve the same and forward them to the Insular
Auditor. The Insular Auditor is hereby directed to ascertain and
determine the amount which would be equal to fifty per centum of the
maximum tax collectible at the maximum rate in such provinces and in
each of the municipalities therein, basing his calculation upon the
assessed valuation as certified and approved in accordance with the
requirements of this Act. From the sum thus ascertained and determined
the Auditor shall then deduct the total credits received by such
provinces and municipalities under sections three and four of Act
Numbered Fifteen hundred and seventy-nine, and shall thereupon cause to
be deposited to the credit of such provinces a sum equal to the
remainder as above determined. For the purpose of enabling such deposit
to be made an appropriation of such sum as may be necessary is hereby
made out of any funds in the Insular Treasury not otherwise
appropriated. If it should be found that any municipality has already
received in credits under sections three and four of Act Numbered
Fifteen hundred and seventy-nine, an amount in excess of its due share
of the fifty per centum as determined by the Auditor under the
provisions of this Act, he is hereby authorized and required to make
the necessary adjustments and, to this end, to withhold and charge back
the amount of such excess. Two-sevenths of the total amount as above
determined by the Auditor to be due to such provinces and
municipalities shall accrue to the "Provincial road and bridge fund,"
and four-sevenths shall be divided among the municipalities of the
provinces in such proportion as the total assessed valuation of the
taxable real property of each municipality bears to the total assessed
valuation of the taxable real property of the province of which such
municipality forms a part. The sums found and determined to be due to
such municipalities shall be equally divided between the "Municipal
general fund" and the "Municipal school fund." � � Sec. 2. Section two of Act Numbered Fifteen hundred and seventy-nine is hereby repealed. Sec. 3. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred. Sec. 4. This Act shall take effect on its passage. � � |
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Since 19.07.98.