Bill Type
Congress Name
Long Title
AN ACT AMENDING ARTICLE 39 (A)(1) OF EXECUTIVE ORDER NO. 226 OTHERWISE KNOWN AS THE OMNIBUS INVESTMENT CODE OF 1987, AS AMENDED AND FOR OTHER PURPOSES
Date filed
August 20, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 2553, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING ARTICLE 39 (A)(1) OF EXECUTIVE ORDER NO. 226 OTHERWISE KNOWN AS THE OMNIBUS INVESTMENT CODE OF 1987, AS AMENDED AND FOR OTHER PURPOSES |
| ABSTRACT : This bill proposes to extend the maximum period for the income tax holiday offered to especially desirable investors from eight (8) to twelve (12) years, subject to the approval of the Secretary of Finance, upon compliance with certain conditions. This extension merely tries to align the Philippines' income tax holidays to match that of our neighboring countries. By keeping pace with the incentives being offered by other countries, we stand a sufficiently even chance of attracting investmentsand partners that will be crucial in our drive for development. |
| PRINCIPAL AUTHOR/S : BACULIO, AUGUSTO H. |
| DATE FILED : 2001-08-20 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Syjuco (023 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON TRADE AND INDUSTRY ON 2001-08-27 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON WAYS AND MEANS |
Abstract
"This bill proposes to extend the maximum period for the income tax holiday offered to especially desirable investors from eight (8) to twelve (12) years, subject to the approval of the Secretary of Finance, upon compliance with certain conditions. This extension merely tries to align the Philippines' income tax holidays to match that of our neighboring countries. By keeping pace with the incentives being offered by other countries, we stand a sufficiently even chance of attracting investmentsand partners that will be crucial in our drive for development."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.