Copra Tax Act of 1992.

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.