Espino to ink MOA for tax sharing with Benguet
LINGAYEN-The provincial board has granted Gov. Amado Espino Jr. the authority to enter into a memorandum of agreement (MOA) with the National Power Corporation and the provincial government of Benguet for the sharing of the national wealth tax obligation in the operation of the San Roque Multi-Purpose Power Plant and Dam.
Under the planned MOA, the local government units will get equitable shares in the proceeds derived from the utilization and development of the national wealth by the San Roque Power Corporation.
Sixth District Board Member Tyrone Agabas, author of the resolution authorizing Espino to sign the deal, explained that the MOA is necessary as the San Roque Multi-Purpose Power Plant and Dam is located in the territorial jurisdictions of the provinces of Pangasinan and Benguet while the water source that supplies the dam comes from the upstream of Agno River in Benguet.
Agabas said the law mandates that the province where the natural resources are located shall have a 20% share of the proceeds derived from the utilization and development of the national wealth.
He said the resolution now paves the way for the governor to begin talks with Benguet officials for the sharing scheme.#
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