Monday, September 10, 2012
Section 272 of R A 7160
SEC. 272. Application of Proceeds of the Additional One Percent SEF Tax. - The proceeds from the additional one percent (1%) tax on real property accruing to the Special Education Fund (SEF) shall be automatically released to the local school boards: Provided, That, in case of provinces, the proceeds shall be divided equally between the provincial and municipal school boards: Provided, however, That the proceeds shall be allocated for the operation and maintenance of public schools, construction and repair of school buildings, facilities and equipment, educational research, purchase of books and periodicals, and sports development as determined and approved by the Local School Board.
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Under the PresidentialDecree No. 464 otherwise known as the Real Property tax Code the compostion of payment for real property tax is as follows: One percent for SEF and 1 1/8% for Basic Tax. this SEF goes directly to the local school board for purposes enumerated by the provision of this Section
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