Share of Municipalities and Provinces on the Increase in Collection of Income Tax

February 10, 1960 BIR RULING NO. 040-60 1st Indorsement Respectfully returned to the Provincial Treasurer, Tarlac, Tarlac, with the information that the first release of the 20% share of municipalities and 10% share of provinces on the increase in collection of income tax in accordance with Republic Act No. 2343 shall be made at the end of fiscal year 1959-60 after the excess of the collection for fiscal year 1959-60 over that of the collection for fiscal year 1958-59, if any, shall have been determined by this Office. It is further informed that Section 368 of the National Internal Revenue Code provides that payment of internal revenue allotment shall be made from the National Treasury quarterly, upon warrants drawn by the Collector of Internal Revenue now (Commissioner). MISAEL P. VERA Deputy Commissioner of Internal Revenue