Section 9Sec./Art. 9

A new section designated as Section 151-D under Chapter VII, Title VI of the National Internal Revenue Code of 1997, as amended, is hereby inserted to read as follows:

"Section 151-D. Monitoring an d Audit of Sales and Exportation of Minerals, Mineral Products, and Raw Ores. - The Bureau of Internal Revenue and the Bureau of Customs are hereby authorized to examine and audit, for tax purposes, all sales and exportation of minerals, mineral products, and raw ores.

For this purpose, the books of accounts and records of metallic mining contractors and/or operators, including assay reports and sales and marketing agreements entered into by them, shall be open for inspection by said bureaus: Provided, That the said bureaus shall be furnished by the Mines and Geosciences Bureau with a copy of such assay reports and sales and marketing agreements as well as the integrated annual reports of metallic mining contractors and/or operators: Provided, further, That metallic mining contractors and/or operators shall comply with disclosure and reportorial requirements pursuant to a transparency mechanism to be institutionalized under Section 14 of the 'Enhanced Fiscal Regime for Large-Scale Metallic Mining Act'."