Section 5October 23, 1989, Sec./Art. 5

The total collections of a province or city from national internal revenue taxes, fees and charges as well as taxes, fees and charges imposed on natural resources accruing as income to the National Government, shall be distributed as follows:

(a) Thirty percent (30%) to the province or city;

(b) Thirty percent (30%) share to the Regional Government; and

(c) Forty percent (40%) to the National Government.

The thirty percent (30%) share of the province shall be distributed equally as follows: ten percent (10%) to the province, ten percent (10%) to the municipality and ten percent (10%) to the barangay.

The thirty percent (30%) share of the city shall be distributed as follows: twenty percent (20%) to the city and ten percent (10%) to the barangay.

The province or city concerned shall automatically retain its share and remit the seventy percent (70%) to the Regional Government, which shall, after deducting its share, remit the balance to the National Government on a monthly basis.

The remittance procedure within the Autonomous Region shall be in accordance with the rules and regulations promulgated by the Regional Government, and remittances to the National Government, by the rules and regulations promulgated by the Department of Finance.