Republic Acts1 min read
Section 2Sec./Art. 2
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Subparagraph (2) of paragraph (a) of Section 151 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:
"(2) On all non-metallic minerals and quarry resources, a tax of two percent (2%) based on the actual market value of the gross output thereof at the time of removal, in the case of those locally extracted or produced; or the value used by the Bureau of Customs in determining tariff and customs duties, net of excise tax and value-added tax, in the case of importation."
Notwithstanding the provision of subparagraph (4) of paragraph (a) of Section 151, locally extracted natural gas and liquefied natural gas shall be taxed at the rate of two percent (2%).1aшphi1
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