Legislative History
| House Bill/Resolution NO. HB02554 |
| FULL TITLE : AN ACT AMENDING SECTIONS 4, 5, 20, 22, 27, 28, 34, 40, 50, 73, 112, 117, 204, 222, 237, 237-A, 255, 256, 257, 258, 260, 261, 262, 263, 264, 265, 266, 275, 288, 290 AND ADDING SECTIONS 6-A, 282-A, 291, 292, 293, 294, 295, 296, 297, 298, 299, 300, 301, 301-A, 301-B, 302, 303, 304, 305, 306, 307, 308, 309, 310, 311, 312, 313, AND 314 UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES |
| ABSTRACT : Aims to encourage investment by bringing down the corporate income tax (CIT), bring in the greatest benefits on the indicated fiscal incentives, create an environment of fairness and transparency in the grant of fiscal incentives, and enhance tax administration through a clear taxpayers' accountabilityProposes other salient features of the bill among others, as follows: Removing the option for corporations, including resident foreign corporations, to avail of the 15% gross income tax; Exempting HDMF from income taxation; Granting fiscal incentives only to registered activities of exporters and industries listed in the Strategic Investments Priority Plan (SIPP); Adding two (2) years of incentives for the projects located in lagging areas, areas recovering from armed conflict or major disasters, agri-business outside major urban areas or those relocated from Metro Manila and nearby urban areas; Specifying the VAT treatment shall be based on location and export sales. |
| PRINCIPAL AUTHOR/S : GARIN, SHARON S. |
| DATE FILED : 2019-07-24 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB04157 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2019-07-31 |
Abstract
Aims to encourage investment by bringing down the corporate income tax (CIT), bring in the greatest benefits on the indicated fiscal incentives, create an environment of fairness and transparency in the grant of fiscal incentives, and enhance tax administration through a clear taxpayers' accountabilityProposes other salient features of the bill among others, as follows: Removing the option for corporations, including resident foreign corporations, to avail of the 15% gross income tax; Exempting HDMF from income taxation; Granting fiscal incentives only to registered activities of exporters and industries listed in the Strategic Investments Priority Plan (SIPP); Adding two (2) years of incentives for the projects located in lagging areas, areas recovering from armed conflict or major disasters, agri-business outside major urban areas or those relocated from Metro Manila and nearby urban areas; Specifying the VAT treatment shall be based on location and export sales.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.