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Copra Tax Act of 1992.

Country/Territory
Marshall Islands
Document type
Legislation
Date
1993 (2012)
Source
FAO, FAOLEX
Original source
Marshall Islands Consolidated Legislation 2012.
Long title
An Act to institute a tax on Copra sales to raise funds for use by Local Governments.
Subject
Agricultural & rural development
Keyword
Agricultural development Agricultural commodities
Geographical area
Micronesia, Oceania, South Pacific
Abstract

This Act requires a specified public body called Tobolar, to collect a tax on the value of all copra delivered to it from within the Republic. The revenues realized from the copra tax authorized in this Chapter shall be prorated and remitted to the local governments strictly for the purposes of: (a) copra purchases within the local government area, provided that any surplus realized from cash sales of copra must be devoted to the purposes as set out in this Section; (b) economic development programs within the local government area which may include, but are not limited to, seaweed cultivation, fisheries, agriculture, land and sea transportation, communications, and education and management capabilities; and (c) contributions to Social Security on behalf of copra workers. The Minister of Internal Affairs shall, prior to the initial disbursement of funds under this Chapter, promulgate regulations that will assure appropriate accounting and use of funds by local governments.

Full text
English
Website
www.paclii.org