Section 10Sec./Art. 10

Section 287(A) of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 287. Shares of Local Government Units in the Proceeds from the Development and Utilization of the National Wealth. - x x x

(A) Amount of Share of Local Government Units. - Local government units shall, in addition to the internal revenue allotment, have a share of forty percent (40%) of the gross collection derived by the national government from the preceding fiscal year from excise taxes on mineral products, royalties, and such other taxes, fees, or charges, including related surcharges, interests, or fines, and from its share in any con-production, joint venture, or production sharing agreement in the utilization and development of the national wealth within their territorial jurisdiction.

For purposes of this subsection, the share of each local government unit shall be released directly and immediately to the provincial, city, municipal, or barangay treasurer, as the case may be, without need for further action and without being subject to any lien or holdback that may be imposed by the national government. The Department of Finance, Department of Budget and Management, and Department of the Interior and Local Government shall jointly issue the necessary rules and regulations for a streamlined disbursement scheme to ensure the speedy and timely release of local government shares in the national wealth: Provided, That this shall be over and above the business tax that the local government may impose on mining contractors, which shall not exceed fifty percent (50%) of one percent (1%) of the total gross output.

x x x."