36
ARTICLE IX
Fiscal Autonomy
SECTION 1. Revenue Source. – The Regional Government
shall have the power to create its own sources of revenues and to
levy taxes, fees, and charges, subject to the provisions of the
Constitution and this Organic Act.
SEC. 2. Fiscal Autonomy. – The Regional Government
shall enjoy fiscal autonomy in generating and budgeting its own
sources of revenue, its share of the internal revenue taxes and
block grants and subsidies remitted to it by the central government
or national government or any donor.
The utilization of its share of the internal revenue taxes
and block grants or subsidies from the central government or
national government shall be subject to a semi-annual and annual
audits by the Commission on Audit and to the rules and
regulations of the Department of Budget and Management. All
accountable officials of the Regional Government shall, upon
demand, furnish the Commission on Audit all documents, papers,
and effects necessary for the completion of the audit. Failure to
do so shall empower the President or the Secretary of Finance to
reduce, suspend, or cancel the release of funds intended for the
autonomous region to the extent of the amounts that cannot be
audited for reasons attributable to the officials of the autonomous
region or are unaccounted for after audit.
If more than half of the funds released to the autonomous
region by the central government or national government remain
unaccounted for six (6) months after the audit mentioned above,
the Secretary of Finance may also suspend or cancel the release
of any or all funds allocated by the central government or national
government for the autonomous region. Officials of the Regional
Government who fail to submit the documents, papers and effects
demanded by the Commission on Audit within the period specified
herein may be suspended or removed from office by the President
upon recommendation of the Secretary of Finance.
The utilization of the revenue generated by the Regional
Government and block grants or subsidies remitted to it by foreign
Select target paragraph3
Connect to a paragraph
Connect to an entity
Disable highlights
Add to table of contents