Retention, Release and Adjustment of Regular Internal Revenue Allotment.
Section 14
SEC. 14. Retention, Release and Adjustment of Regular Internal Revenue Allotment.—Within five days after the end of each month, the treasury field cashiers to whom all collection agents shall remit all their collections in each province shall retain from the internal revenue collections accruing to the General Fund and remit to the Provincial Treasurer an amount equivalent to one-twelfth of the predetermined annual internal revenue regular allotment of the province and municipalities under it, and to the city treasurer an amount equivalent to one-twelfth of the predetermined annual internal revenue regular allotment of the city: Provided, That in provinces where there are no treasury field cashiers, such personnel shall be appointed. In case collections are remitted directly to the National Treasurer, as in Manila and suburbs, he shall remit the corresponding share to the city or provincial treasurer concerned within the same period. The allotment of municipalities within each province shall be distributed by the Provincial Treasurer concerned within five days after receipt thereof. Within ten days after the end of each month, the city or provincial treasurer shall render a report to the Commissioner of Internal Revenue showing the corresponding amount received by the city or the respective amounts retained by the province and released to the municipalities for the preceding month. In cases where the monthly collections are not sufficient to cover the regular allotment of a province, city or municipality, the corresponding balances shall be released by the Bureau of Internal Revenue within thirty days after the expiration of every quarter to the Provincial Treasurer concerned in case of a province or municipality, and to the city treasurer, in case of a city. The corresponding balance for municipalities shall be released by the Provincial Treasurer concerned within five days after receipt thereof. The Secretary of Finance shall promulgate the rules and regulations for the proper implementation of this section.