EXECUTIVE ORDER NO. 674-B, March 31, 1981
GRANTING PREFERENTIAL AD VALOREM TAX RATES TO MARGINAL MINES
mineral products and rising cost of production are adversely affecting the
viability of the mining industry; and
WHEREAS, in the interest of national economy and
general welfare there is a need to extend preferential tax treatment to
marginal mines to obviate possible unemployment and economic and social
dislocation that may be brought about by unprofitable mining operations.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President
of the Republic of the Philippines, by virtue of the power vested in me, do
hereby direct that marginal mine or those individual mining project of new or
old mines which resume operation for at least five (5) years and whose return
on investment in the preceding taxable year does not exceed ten per centum
(10%), shall be entitled to the preferential ad valorem tax rates in accordance
with the following schedule:
(a) Those engaged in exploitation of metallic
minerals:
|
Rate of Return |
Rate of Ad Valorem |
|
10% or |
5% |
|
8% up |
4% |
|
6% up |
3% |
|
0% up |
2.5% |
(b) Those engaged in exploitation of
non-metallic minerals and quarry resources:
|
Rate of Return |
Rate of Ad Valorem |
|
10% or |
3% |
|
5% up |
2% |
|
0% up |
1.5% |
The Minister of Finance, upon recommendation of the
Commissioner of Internal Revenue, shall issue the necessary rules and
regulations to implement this Executive Order.
Done in the City of Manila, this 31st day of March,
in the year of Our Lord nineteen hundred and eighty-one.
By the President:
(SGD.) JOAQUIN T. VENUS, JR.
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