Bill Type
Congress Name
Long Title
AN ACT AMENDING PARAGRAPH TWO, SECTION 24 (A) (1) AND REPEALING SECTION 35 OF REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE TAX REFORM ACT OF 1997
Date filed
July 25, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 1464, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING PARAGRAPH TWO, SECTION 24 (A) (1) AND REPEALING SECTION 35 OF REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE TAX REFORM ACT OF 1997 |
| ABSTRACT : This bill seeks to provide for zero (0)-rated income taxes in lieu of the current system of personal exemptions. It will make our tax law more in consonance with the Constitutional mandate of progressivity. It will impose tax where tax is due. It will provide for much needed relief to low-wage earners. It offers a system administrativel y more feasible than the present one, with negligible reduction, if any, in revenues from income taxes. |
| PRINCIPAL AUTHOR/S : SANDOVAL, FEDERICO II S. |
| DATE FILED : 2001-07-25 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Syjuco (041 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-31 |
Abstract
This bill seeks to provide for zero (0)-rated income taxes in lieu of the current system of personal exemptions. It will make our tax law more in consonance with the Constitutional mandate of progressivity. It will impose tax where tax is due. It will provide for much needed relief to low-wage earners. It offers a system administrativel y more feasible than the present one, with negligible reduction, if any, in revenues from income taxes.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.