Revenue Sharing.
Section 11
SEC. 11. Revenue Sharing. - To ensure sufficient funds, the BEZA and the affected LGUs shall be entitled to a share in the special corporate income tax (SCIT) under Title XIII of Republic Act No. 8424, otherwise known as the "National Internal Revenue Code (NIRC) of 1997", as amended, from all registered business enterprises in the BEZA. For this purpose, the said corporate income tax collected shall be divided as follows: (a) Forty percent (40%) to the NG, which shall be directly remitted to the NG: Provided, that the revenue sharing under this section shall be considered compliance with Section 284 of Republic Act No. 7160, as amended, and shall no longer be further divided for purposes of the National Tax Allotment; (b) Twenty percent (20%) to the BEZA, earmarked for infrastructure development projects of the BEZA as determined by its Board of Directors, consistent with the principles and purposes of this Act; and (c) Forty percent (40%) to the concerned LGUs: Provided, That the local government share from revenues derived from BEZA-registered locators who availed of incentives under Republic Act No. 11534, in component cities or municipalities shall be allocated among the LGUs of the BuZ using the formula prescribed under Section 285 of Republic Act No. 7160, as amended. The share of the NG shall be paid by the locator directly to the Bureau of Internal Revenue (BIR). The share of the LGUs and the BEZA shall be collected by the latter. The BEZA shall remit the local government share on a quarterly basis.